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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.
Duration. Your mortgage lender will report the foreclosure on your home to the three major credit bureaus once the foreclosure is complete. It will remain on your credit report for seven years, altered only by material corrections initiated by you.Foreclosures are usually listed under public information on your credit report.oreclosure begins when you receive a notice of default in the mail from 60 to 90 days after you fall behind on your mortgage payments. Foreclosure can have a damaging impact on your life and result in the loss of your home.