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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.
This question How long does it take to foreclosure, holds much importance in the procedure of foreclosure. Basically this all procedure of foreclosure rely upon the laws and principles of company or bank performing the foreclosure of any property. Mostly banks start foreclosure after 3 nonpayments.