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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.
Therefore, before your foreclosure even begins, you will have negative marks on your credit, bringing your score down. Most banks wait until you are 90 days behind in your payments to begin foreclosure proceedings, which often take two or three months to complete.