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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.
1 If you and the lender have not worked out a plan to avoid foreclosure, the lender can record a Notice of Default in the county where your home is located, at least 30 days after contacting you for the foreclosure avoidance assessment. 2  This marks the beginning of the formal and public foreclosure process. If you do not pay what you owe, a Notice of Sale is recorded (at least 90 days after the Notice of Default is recorded). 2  The Notice of Sale states that the trustee will sell your home at auction in 21 days.