Day 1 - First of Month

Your monthly payment is due on the first day of the month. You cannot make the payment.

Day 10 to 15 - Middle of Month

Depending upon the loan, your loan becomes late on either the 10th or 15th day of the month. At this point, you owe your monthly payment and also a late charge. The lender receives computer notification that you have missed your payment and a late notice is usually sent out to you by mail. Also, the lender will attempt to call you concerning your payment.

Day 31 - First of Next Month

You are now into the second month in which you have not made a payment. The Lender Collection Department is notified and you receive more calls. Your credit report is now showing a mortgage late.

Day 45 to 60 - Middle of Month

You will get a notice from the lender that you are in "Breach of Contract" and that you have 30 days to cure your late payments and bring them up to date. At Day 60, your credit report shows a 60 day late.

Day 90 - Beginning of Month

If no payments have been made, foreclosure proceedings may start. A "Notice of Default" is filed with your County. You receive the notice by Certified Mail, Return Receipt. Now, you have 90 days to cure the default. You will normally no longer receive any correspondence from the lender. You are left to your own actions.

Day 180 - Three Months Later

Click here to view the foreclosure laws by state

At this point, you may receive the Notice of Foreclosure Sale. You will come home from work and it will be taped to your front door. It might be published in the local newspaper. The Notice will state the location, date and time at which your home will be sold at auction. It will give you a phone number to call to attempt to "reinstate" your loan. This can only be done by paying the past due amount, including legal fees and costs or by new financing.

Day 201 - Three Weeks Later

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At this point or any time thereafter, your home will be auctioned at the local Courthouse. Either a person will buy it, or it will be owned by the lender.