Foreclosure is a legal process by which a lending institution can repossess your home when payments are not made. The mortgage company can legally begin foreclosure proceedings once you have missed your payment by one day. They typically do not begin the official foreclosure proceedings until you are 3 to 4 months past due. They will threaten you with foreclosure but it is not until they actually hire an attorney and file the foreclosure paperwork in the court system that you are officially in foreclosure.

The entire process can take as little as 21 days and as long as a year. This duration will depend on the State’s foreclosure laws.