The foreclosure timeline – from the time a homeowner first goes into default until foreclosure – is based on state law. However, the timeline may run longer depending on how quickly the mortgage company or lender initiates the foreclosure process once the homeowner is in default. A third factor is the terms in a homeowner’s mortgage documents themselves, which may outline the specific foreclosure process and timeline should the homeowner be in default.
As a practical matter, while mortgage companies are overwhelmed with delinquent mortgages, most foreclosures will take six to 12 months, or more, especially if the homeowner is in contact with the mortgage company to find a resolution.
See the foreclosure timelines for: