What Is foreclosure?
If you do not make your mortgage payments, your lender can try to take your home. The lender does this by starting a foreclosure action against you in court.
How does foreclosure start?
Once you miss a few mortgage payments, the lender will contact you to tell you that you are behind (in default). After missing several payments, the lender will send you a letter stating that you have violated the terms of the mortgage. The letter will tell you that you have about 30 days to bring the payments current. If you do not bring the payments current within that time, the lender may start a foreclosure proceeding.
Last Reviewed: August 25, 2023