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This does not necessarily occur after one or more payments are not met but for logistical reasons may occur after a loan is in substantial default â sometimes six months or more past due. This is known as the redemption period. The foreclosure process does not move forward for a minimum of 60 days.
A foreclosure will be on your record for 7 years on average, plus 180 days from the last time the account was paid as agreed. The public record would have its own opening date (the date the foreclosure was filed at the courthouse) and would show for 7 years from the date of the disposition.