Default

• A mortgage default occurs once a borrower has become 30 or more days behind on their mortgage payment. During this time, the lender will attempt to collect the late payment by making phone calls and sending letters to the borrower to cure the arrearage. After the borrower is 30 days behind the lender can begin moving the file through the foreclosure process.
  
  Ultimately the time frame to foreclose will be largely dependent on the language in the deed of trust that the borrower signed at closing.
  
  

Notice of Acceleration

• Between 30 and 120 days after the initial missed payment, the lender will send---via certified mail---a notice of acceleration to the borrower. This notice calls the entire amount of the loan balance due. If the borrower is unable to cure the mortgage balance, the lender will move to the next and final step in the foreclosure process.
  
  

Foreclosure Filing

• After 60 days of non-payment and after the notice to accelerate, the lender can file the foreclosure notice. All foreclosures---regardless of location---must have the sale date advertised in local publications in addition to a formal notice of sale date posted at the county recorder's office. The guidelines vary from a 1-to-3-week requirement for advertising of the pending sale before serving the borrower with the foreclosure notice. The official notice of foreclosure cannot be served to the borrower earlier than 21 days before the foreclosure auction.