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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.
In the case of unsecured loans, there is no collateral (property) that can be taken. Generally you have a grace period of up to 30 days to pay on a credit card or other personal loan, but in some cases missing a payment by even one day can cost you.hile the process varies from state to state, you will usually be in default on this type of loan after 150 days of nonpayment. Although foreclosure normally takes 2 to 18 months after you default, some foreclosures can take two years or more.