Foreclosure is a process, not an event. When you are unable to make your loan payments, usually after 3 or more missed payments, the lender will hire a local law firm to file a Foreclosure Law Suit against the owner (more accurately the Borrower).
The foreclosure process takes at least 6 months ending with a foreclosure judgment if you don’t do something like a loan modification, short sale or deed in lieu of foreclosure.
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