When you receive a “due and payable” notice from the lender, you will have 30 days to notify the lender about which course of action you want to take. When you have made your statement, you will have up to six months to satisfy the debt. If the six months have passed and the lender has seen no evidence that you are attempting to satisfy the debt, then they can start foreclosure proceedings. This means they will take ownership of the property and can deal with the debt how they please. If you show evidence that you are attempting to satisfy the debt, but circumstances are slowing down the process, you may be given a two or three-month extension. During this time, the debt may accrue interest, and although the Federal Housing Administration will pay towards the debt if the interest grows larger than the property value, this means that the interest can cut into your inheritance. Because of this, it is best to sell the property as soon as possible.