No payments or arrangements acceptable to the bank are made. Formal Legal Foreclosure Process Bank sends by sheriff or by certified mail Notice of Intent to Foreclose. Bank begins action in the court system to foreclose. No payment or settlement arrangements are made with the lender. Notice and waiting periods expire.
Court holds hearing regarding banks claim.
Court issues order allowing bank to foreclose. Legal notice of actual foreclosure sale and advertisements published in local papers. No payment arrangements or settlements reached with the bank. House sold at auction to highest bidder. From the time you miss your first payment to the final foreclosure sale its not uncommon for six months or more to pass.