When I quit making mortgage payments on my home, how long before foreclosure?

Asked by Kathleen Denton, 34286 Wed Oct 1, 2008

Also, what are the mechanics of the foreclosure process?

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Erica Muller, Agent, Winter Garden, FL
Wed Oct 1, 2008

None of this is written in stone but here in Florida I have seen the process drag out past 9 months sometimes over a year. Here is the general timeline for how it's supposed to go but keep in mind, the banks are so far behind right now:

Judical Foreclosure Proceedures:

General time periods for actions (110+ days after default):
Demand Letter (optional) : 30 to 120+ days after default
Complaint: 30 to 120+ days after default
Answer: Must be filed within 20 days after service
Default: May be entered after 20 days if no answer or other pleading filed
Judgement: 20 to 60+ days after answer/default
Sets priorities among lienors
Orders judicial sale
Judicial Sale: 25-35 days after judgement
Cutoff of owners rights
Cutoff of junior lienors' rights (if named in complaint and served)
Clerks Deed: 10 days after judicial sale

I hope this helps a bit. Please keep in mind that today is the first day of the Housing and Economic Recovery Act of 2008 and was designed to motivate lenders to help people keep their homes. If you qualify (primary homeowner with a mortgage payment that is more than 31% of your income) than according to this new act you may be able to keep your home at a reduced loan and payment amount. I would contact your bank and try to work something out before foreclosing on your home. With this new act you will have the ability to keep your home for today's market value, reducing your mortgage payments and giving you a better deal than you or anyone else would get out there trying to buy your home right now.

Good luck.

Erica Muller
1 vote
Steve Fergus…, , Austin, TX
Wed Oct 1, 2008

One thing to think about regarding foreclosure is that you will not be able to purchase another home for 4 yrs or more. You many want to contact your current lender to see if they would reduce the interest rate on your loan due to hardship. Hope this helps

Steve Ferguson
2 votes
Robbeaux, , Lafayette, LA
Wed Oct 1, 2008
Here is alink to the foreclosure processes for your State

1 vote
Mott Marvin…, Agent, Sunny Isles Beach, FL
Wed Oct 1, 2008
The mechanics of the foreclosure process is detailed in the link below. You can assume that you may have up to 6 months of legal correspondence and service until the property is officially transfered to the lender.

There are other options that you may want to consider;


Contact your lender and real estate broker/agent- ASAP, get things sorted out.
1 vote
Shannon Moore…, Agent, Port Charlotte, FL
Fri Oct 3, 2008
We have seen it take up to a year but it really depends on many factors. Have you tried calling the bank to negoiate your payments or terms? Have you talked to anyone about the possibility of doing a short sale? There are many options out there and we would be glad to discuss some of your options if you would like to give us a call.

We live and work in North Port.

Roxanne Moore, Realtor
Re/Max Anchor Realty
North Port, FL
0 votes
Bill Eckler, Agent, Venice, FL
Wed Oct 1, 2008

Our advice is to try to avoid "foreclosure" at all costs. Many home owners today are taking this route without understanding the full extent of the consequences of their actions.

Check out thei website:

or call: 1-888-995-HOPE

Be informed before you committ to this direction.

Best wishes,
The "Eckler Team"
0 votes
Shonda Campa…, Agent, Jacksonville, FL
Wed Oct 1, 2008

These other agents have given you some really good advice. You should try to avoid foreclosure. You do have options. I would recommend you talk with your mortgage company about working with you and if that doesn't help contact a real estate agent to discuss short sales.
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Oct 1, 2008
Kathleen you have more options than just stopping making your payments. if you want to keep your home, you should call teh bank and ask for the home retention department who can show you what options are available such as forebearance or loan modification. If you have no ability to make paymnets you should try a short sale where the bank will allow you to sell at a price wlower than what you owe. If you just give up you can negotiate a deed in lieu of foreclosure which is better than getting foreclosed on and teh bank comes after you for the difference between what you owe and what they get at foreclosure. good luck working it out
Web Reference:  http://www.ScottSellsNH.com
0 votes
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