Timeline of a foreclosure. Federal law requires a homeowner to be 120 days delinquent on paying mortgage payments before a foreclosure case can be brought to court. If the bank and homeowner disagree with any of the multiple loss mitigation strategies during that timeline, see my video 13 Ways to Stop Foreclosure. The homes officially move into foreclosure. At that point, the NOD document is sent to the homeowner which is short for Notice of Default.

My name is John Herman of Property Up and I assist people going through the foreclosure process.

So let’s walk through a typical foreclosure timeline starting January 1st. After the 120 days of missed payments that will bring us to May 1st, a foreclosure attorney will prepare and file a complaint asking for permission from the court for the mortgage company to sell the home.

About 15 days after that the owner will be served and expected to respond within about 30 days bringing us to July 15.

The Court will convene to review the status of the process around August 1st.

August 15th a motion for default will be filed and then Sept 1st the default judgment of Foreclosure will be entered.

On Sept 15th the right to reinstate will expire.

Now there will be about a 4-month timeframe, which will bring the next and last option to expire being the right to redeem on January 15th and then the sheriff sale will be January 16th.

After the sheriff sale On February 1st, there will be an order approving/confirming the sale.

After the sale, there is a special right to redeem for 30 days and then the order of possession can be enforced.

So there you have it, If you are currently in the process, just starting or near the end, we can still assist you during this process, We have helped people 1 day before the sheriff sale but please reach out before that as the more time we have the better it will work out for you.