What is the general timeline for foreclosure?

The foreclosure process differs from state to state, according to the Department of Housing and Urban Development. Typically, mortgage companies attempt to contact the homeowner after the first and second missed payments, and begin initiating the foreclosure process over the next one to four months if contact is not made.

After the third missed payment, mortgage companies typically send out a "Notice to Accelerate" letter demanding payment in full, notes the Department of Housing and Urban Development. If payment is not received by the end of the fourth month, foreclosure proceedings begin and an attorney schedules a sale date for the property.