Past Due 30 to 60 Days

• When your mortgage payment becomes 30 to 60 days past due and you don't foresee being able to catch up within the next month, it is imperative that you contact your lender. By doing so, you make the lender aware of your current situation and they can offer options to help you catch up on you payments and avoid losing your house. One available option is a loan modification, which can lower your monthly payments. Another is a forbearance that allows you suspend you mortgage payments for a short time.
  
  

Past Due 90 to 120 Days

• Once you are 90 to 120 days past due, the lender will send you a loan default notice along with an acceleration clause notice. The default notice states the lender is now requiring you to make all of your past due mortgage payments at once, usually within 30 days, to bring your loan out of default status. The acceleration clause notice lets you know that if you do not send the total amount of your past due payments, they will demand your entire outstanding mortgage loan balance.
  
  

Foreclosure Notice

• After the period stated in the default notice passes, and if you do not make all of your payments, the lender sues you for the mortgage loan amount and hires a lawyer to handle foreclosure proceedings. The lender also files a public notice of the foreclosure, usually in your local paper. You will receive the foreclosure notice either by certified mail or court process server. The notice includes the intended auction sale date of your home.
  
  

Public Auction

• From the time you receive a foreclosure notice to the time your home goes to public auction can range between 60 and 420 days. After the sale of your home at auction, most states offer a redemption period, giving you one last opportunity to get your house back by paying off the outstanding mortgage balance, late fees, attorney's fees and court costs. It is important to note that not all states offer a redemption period. For the states that do, this period can range from 10 to 730 days. After the redemption period passes, a process server or local sheriff will serve you with an eviction notice, giving you the exact date in which you have to leave your home.