Mortgage Foreclosure Prevention
Estimated Foreclosure Timeline
(Mortgages Only)

First Month Missed Payment:
The first month your payment is missed your mortgage company is likely to contact you by mail and/or telephone to inform you of your delinquent status.

Second Month Missed Payment:
The second month your payment is missed your mortgage company is likely to begin calling the contact numbers that they have for you, in order to discuss why you have not made a payment. It is important that you not avoid their telephone calls. Try to stay calm on the telephone and explain to them your situation and what you are trying to do to resolve it. You still may be able to make one payment at this time to prevent yourself from falling three months delinquent.

Third Month Missed Payment:
At this point, you are likely to receive a letter from the mortgage company stating the amount you are delinquent, and that you have 30 days to bring it current. This is called your “Demand Letter” or “Notice to Accelerate”. If you do not pay the specified amount or make some form of arrangement by the date given, they are allowed at that time to refer you to foreclosure or accelerate your mortgage. They are unlikely to accept less than the total due without prior arrangements if you have received this letter.
***Foreclosure/Acceleration: This means that they forward your account to their attorneys. You still have time to work something out with the mortgage company.

Fourth Month Missed Payment:
Now you are usually nearing the end of the time allowed in your Demand Letter or Notice to Accelerate. If this expires and you have not paid the full amount or worked out arrangements, then you will be referred to their attorneys. At this time, you incur all attorney fees as part of your delinquency.

The attorney then schedules a Sheriff Sale, which is the actual date of foreclosure. You will be notified of this date by mail, along with a notice taped to your door. This is NOT a move-out date.

Sheriff Sale Date:
This will be scheduled for approximately six weeks after the attorney receives your file. You have up until this date to work out arrangements with the mortgage company or to pay the total amount owed (reinstatement amount).

After the Sheriff Sale, if nothing is done to resolve the situation, then you will enter the Redemption Period. State Law requires that this period is no less than 30 days and no more than one year. Most mortgages allow 6 months. You will be notified of your time frame on the same notice that states your Sheriff Sale date. This is still your time to reside in the home. For more information, ask for the “Rights after Sheriff Sale” handout from WHEP.

Important: Stay in contact with your mortgage company, and seek assistance as early as possible. Remember all of these dates are estimated, and may vary according to your individual mortgage contract. This timeline does NOT apply for Manufactured Housing or Land Contracts.