Foreclosure clockThe "Foreclosure clock" is a term used to describe the amount of time that will lapse between the beginning and end of the foreclosure process. The beginning of the foreclosure process is usually taken to be the time when the lender begins the formal process with a "notice of default". It can occur after you are 2 months late on your mortgage, but usually does begin much later (especially in this market). The end of the process refers to the date specified by the court or contract (in case of non-judicial foreclosure) when your house is sold at auction or otherwise passes into the lender's possession. This clock is said to begin ticking at the "notice of default" and finish at the sale of the home. Note, that the amount of time it takes to complete varies by state. To find out more information about your particular state's process, click on the link below, then choose your particular state:
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