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What to Expect

When you’ve missed some payments, the lender gets things started. With so many homeowners behind on their mortgages, you may not hear from the lender for three to six months after you miss the first payment.

Depending on the procedure required by your state, you’ll receive some sort of formal written notice that foreclosure is in your future unless you make things right. Foreclosure procedures differ greatly depending on where you live and the nature of the loan. (Ch. 2 explains these procedures and highlights the variables you’ll want to know about when planning your strategy.)

Unless you use one of the remedies explained briefly below (and in detail in later chapters), the foreclosure will end, after a few months, with the sale of the property, typically at a public auction. The foreclosure process is explained in detail in Ch. 2.