Foreclosure Basics. What is foreclosure?

  • Foreclosure happens when someone stops making house payments and the bank takes the home back. The bank does this so it can sell the home and get its money back.

  • Every state has its own rules. In some places, the process goes through the court and can take a long time. In other states, the bank can do it faster without going to court.

Understanding Foreclosure Timeline

  • 1. First Missed Payment

    (Months 1-2) If you miss one house payment, the bank will usually send you a letter or call you. You can still pay what you owe and keep your home at this point.)

  • 2. More Missed Payments

    (Months 2–3). After missing a few payments, the bank sends a letter called a Notice of Default (or something similar). This means the bank has started the foreclosure process.

  • 3. Sale Warning

    (After About 3 Months Late) Before the bank sells your house, they must tell you first. You’ll get a letter, and they will also post a notice for the public to see. The notice usually gives you about 3–4 weeks before the sale date (it depends on what state your house is in)

  • 4. Foreclosure Sale or Auction

    The house is sold, often at the courthouse. People can bid on it, and sometimes the bank buys it back.

  • 5. After the Sale

    If the home sells, the new owner (or the bank) now owns it. If you’re still living there, they may give you a letter asking you to move out by a certain date.

Important things to know

  • You have rights. The bank has to follow the rules and tell you what’s happening before they take action.

  • There may still be options to stop foreclosure. You might be able to catch up on payments, make a deal with the bank, or sell the house before it’s sold.

  • Time is important. The faster you act, the more choices you’ll have

Your Options

  • There are many ways to handle foreclosure, and we see homeowners use them every day. We made a simple page that explains the most common ones, what they mean and how they work. Just click the button below to read about them.

See Foreclosure Options

ForeclosureRoadmap.com is operated by QuickDraw Home Solutions, LLC and is provided for educational and informational purposes only. We are not a law firm, attorney, lender, mortgage broker, real estate broker, or financial advisor, and we do not provide legal, financial, or tax advice. Information on this site is general in nature, may not apply to your situation, and should not be relied upon as professional advice. Options vary by state and individual circumstances. Results are not guaranteed.

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