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Similar to medical debt and certain bankruptcies, it takes seven years for foreclosures to disappear from your credit report. The unfortunate news is that as long as the foreclosure is listed on your credit report, your credit score will be negatively impacted by it.
The legal foreclosure process generally can't start during the first 120 days after you're behind on your mortgage. After that, once your servicer begins the legal process, the amount of time you have until an actual foreclosure sale varies by state. If you are having trouble making your mortgage payments, act quickly.
Key takeaways. If you miss four consecutive mortgage payments (120 days), most lenders begin the process of foreclosure on your home. If you miss one mortgage payment, lenders will often issue you a 15-day grace period to pay without incurring a penalty.
90 Day Pre-foreclosure Notice Lender must mail you information on getting help at least 90 days before starting a court case.
Technically speaking, a notice of default is not a foreclosure. Instead, it serves as notice that you are behind in your payments and that your property may be sold as a result of foreclosure if you don't act soon.