Day 1. It's the first of the month and the mortgage payment is due, and the borrower misses the payment.
Day 16-30 A late charge is added to the mortgage payment and the mortgage servicer starts to attempt to make contact
to find out what happen "why the payment wasn't made."
Day45-60 The servicer sends out demand or breach letter to the property owner(s) pointing out that the terms of
the mortgage have been violated, and the property owner(s) is given 30 days to resolve the situation by paying the delinquent
Day90-105 The servicer refers the loan to its foreclosure department and hires an attorney to initiate foreclosure
proceedings. Depending on the state where the property is located, the servicer's repersentative may recorde a formal notice
of forclosure at the local courthouse, publish details of the debt in the local newspaper, attend hearing on the case and
make appropriate court filings.
Day 150-415 The house is sold at foreclosure sale or at auction. The wide time range is due to different state
requirements. Borrowers in states with judicial foreclosures or those in which lenders have to retake property titles through
the court system, can get almost a year to reinstate the mortgage before the sale, those in nonjudicial states have as little
as two months.
Day150-415+ After the sale, some states grant the property owner a REDEMPTION period in which they can repurchase
the property if they have the money. Other states force the property owner out immediately or up-to 30 days after auction.
PLEASE NOTE: The longer the property owner take to solve the foreclosure the more money
it will cost to stop the foreclosure.