The foreclosure process varies in every state and it's imperative that homeowners understand this process. One thing is for sure, time is NOT on your side. But, an educated consumer is always an informed consumer who can make a "good" decision based on facts. Learn everything you can because this will affect you in every which way and it is something that should not be taken lightly.

The first thing you will need to do is understand the foreclosure timeline.

Day 1 - Borrower misses first payment by a day. No penalties assessed at this time

Day 16-30 - A late charge is assessed to the borrower's payment.
The lender or mortgage servicer will attempt to make contact with the borrower for an explanation.

Day 45-60 - The servicer sends "demand" or "breach" letter to the borrower stating the mortgage terms that have been.
The borrower is given only 30 days to resolve the delinquent amount.

Day 90-105 -The servicer refers the loan to its loss mitigation department / foreclosure department and retains an attorney or other firm to handle the foreclosure proceedings. Depending on the state where the home is located, the servicer's representative may record a notice of default at the local courthouse and it will be published in the local newspaper

About 60 to 90 days after the initial missed payment the lender will send a notice of default, usually by Certified Mail, giving the borrower a finite period in which to cure the situation by paying all past due amounts, and by now collection costs are probably being added to the late fees. Once that remedial period passes, the collection department will refer the loan to the lender's legal department which will, after another period of time, send the documents to a local attorney to begin foreclosure proceedings. By this time serious legal fees are accruing.

Day 150-415 - Complaint of Foreclosure is filed.

States with judicial foreclosures, such as Florida are done via the court system, can sometimes extend this period to a year or more.

The entire process can take a very long time from initial default to the actual public auction of the property. If a member of the military is an owner of the property, there are additional safeguards required by federal and in some cases state laws.  The longer the foreclosure takes, the greater the debt that accrues and the larger the liability the homeowner has, something that will become critical down the road.