how the foreclosure process works

Foreclosure is actually the last step of the foreclosure process, which usually takes about 6 months to complete from initiation to end.  Since lenders have to follow a legal process to foreclose a home, the process works differently in each state.  In general however, the stages of foreclosure are the same.

The foreclosure process actually begins when you miss a payment on your house.  Just like any other loan, the lender will try to contact you when this happens.  If this goes ignored, the lender will typically send another notice and ask the homeowner to at least send in a partial payment.  Many homeowners make the serious mistake of ignoring this a second time.  Because of this, the lender can show that the homeowner has no intention of meeting their financial responsibility.  At this point the lender can request that the loan be paid in full.