The foreclosure timeline begins when a borrower misses multiple mortgage payments. Each U.S. state defines their own laws on how a foreclosure can happen. However, the timeline may run longer depending on how quickly the mortgage company or lender initiates the foreclosure process once the homeowner is in default.
A third factor are the terms of the home mortgage loan – there are multiple mortgage programs available, each with their own benefits. Each mortgage also outlines the specific foreclosure process and timeline if there are delinquent payments.
As a practical matter, while mortgage companies are overwhelmed with delinquent mortgages, most foreclosures will take 6-12 months, or more, especially if the homeowner is in contact with the mortgage company to find a resolution.
See the foreclosure timelines for: