The Foreclosure process starts after the 3rd month of missing your mortgage payment. However, your best approach should be to contact your Lender and talk with them about your situation. See what programs they may have to help you keep your home.
If you do not qualify for any of their programs, then you might want to consider selling. Selling would be a better alternative to having the house being foreclosed upon. For several reasons. But one being that if the house is foreclosed upon, you might not be able to buy another house before several years.
Good luck and if you need more information feel free to contact me with your questions.
Donovan Stewart
Broker/Salesperson
Century 21 Calabrese Realty
Office: 201-945-1070
Cell: 973-280-5987 - Tue Sep 15 2009, 13:35