Signing Document

Foreclosure Generally Takes Some Time

You do not need to worry about foreclosure being a fast process. If you forget to pay your mortgage one month and suddenly remember two weeks later, don't fret that it's already too late and you're going to lose your home.

You may get a late fee, but the bank typically won't foreclose on the home nearly that fast. They'll notify you and ask you to pay what you owe. It's only when you fail to do so and then start missing subsequent payments that the lender starts to think about foreclosure.

Every case is different, and the lender may even mention the potential of foreclosure in the first letter you get after the missed payment. Technically, yes, you already broke the contractual agreement by failing to pay. That said, the average amount of time it takes for the lender to even begin the foreclosure runs between three and six months. It can take months after that for the entire thing to play out and for you to actually lose your home.

Remember, the lender wants you to keep the home and keep making payments. That's the easiest way for them to make money. Taking a home in foreclosure and reselling it is not a good financial position for the lender, and they could lose money. They don't want your house. They just take homes when they feel like there is no other option and they have to cut their losses.

Therefore, they may be open to working with you or setting up an agreement so that you don't lose the house. Make sure you know what legal steps to take to save your home if you are facing foreclosure.