In many of the states foreclosures take a few months to a year and more. When you miss a few mortgages you do not have to live your home and go. When you miss one or two payments the lender will send you a letter that the loan is in default and to get it up to date. When you get this notice you can go to the loan modification lawyer to get the loan modified.
This letter is referred to as a demand letter or breach. The demand letter will bring to your notice that the foreclosure proceedings will start if you do not pay the amount due within 30 days.
When the Foreclosure proceedings start?
If the amount specified in the demand letter is not paid within the time mentioned, the lender will begin the foreclosure process. Before he starts the foreclosure proceedings you can contact the loan modification company to modify the loan so the amount of instalments can be lowered.
Depending on the state and the circumstances the foreclosure proceedings can be judicial or non-judicial. Judicial foreclosure is handled by the court in the state. You will receive a summons and complaint that a foreclosure complaint is filed against you. Within 30 days you have to prepare an answer to the lawsuit or the lawyer you will lose the case with default judgement to the lender.
How does a Foreclosure take place in a Non-Judicial state?
If you are in a non-judicial state the lender does not have to go through a court in the state. The lender will directly send a notice of default which is followed by a notice of sale. He can also send a notice informing the property will be sold on a particular date or he can send a notice by publishing in the papers and putting a sale poster on the property.
Foreclosure completion takes any time between two months to a year depending on the state.