If you miss a mortgage payment, despite the fact that most lenders will not foreclose after a single missed payment, you know that you may run into such an issue in the future. It’s concerning for you and your family, and you can’t stand the thought of losing your home, but much of your financial future is out of your hands. If things don’t go the way you hope, the lender may foreclose.
But how fast will this happen? Is it the type of thing that happens suddenly and without much warning, meaning you could instantly have to move your entire family in just a few days?
It will not happen quickly or without warning
The good news is that foreclosure typically takes months — and rare cases can take over a year — but it never happens without warning. You’ll have many chances to consider your options and perhaps even put a stop to the foreclosure before it really begins.
After all, your lender will notify you about missed payments and then about your loan being in default if you miss multiple payments. This alone could take three months or so. After that, you have a chance to make up the payments, and then you’ll get a foreclosure notice. This is still just the very beginning of the actual foreclosure process, which has to go through court. There are also ways to delay it even further, such as filing for bankruptcy.
In short, though you may be worried, don’t concern yourself with a sudden eviction from your home. Just look into all of the steps you’ll need to take in the months to come to protect your future.