Mark & Kristin Stampini

Foreclosure Timeline 

Default - This occurs 15 days after missing your first mortgage payment. Seller defaulting on a mortgage payment is the only way a property can enter the foreclosure process (*this can also be a missed payment to local taxing authority, a condo association, or homeowner association). 

Legal Notice - The lender or foreclosing party must notify the owner that they are entering into the foreclosure process. This usually occurs anywhere from 3-6 months after the seller misses their first mortgage payment. This can be done through either a personal service of a document (a person coming to your home delivering papers) or if the owner cannot be located through publication in a legal journal. If the person delivers it, they will deliver it right in the middle of dinner don’t panic. This is called a notice of Lis Pendens. You will then have 20 days to respond to the courts at this time. 

Bank Sale or Auction Date - A court hearing will be scheduled. This will occur anywhere from 30-120 days after you have responded to the courts regarding your Lis Pendens. You will need to show up in court and ask the judge for an extension which they will usually grant you 60-90 days sometimes longer. If you have no communication with the courts or do not show up in court then the judge will set your final judgment date. Final Judgment is usually scheduled 21- 45 days after your court date. On the day the bank will take ownership of your home and you will have foreclosed at that time.  

Time Line for Entire Foreclosure Process - This really depends on the lender and the home owner. The home owner needs to make sure to respond to the lender and not to ignore them. I have seen this process take anywhere from 12-18 months.