The Foreclosure Process: Step by Step

1. Notice of Default

After 3–6 months of missed payments, your lender files an NOD. This public record immediately damages credit and starts a countdown to auction.

2. Pre-Foreclosure

You have approximately 90 days to cure the default by paying arrears and fees. Without intervention, the lender schedules a trustee’s sale.

3. Auction

The property is auctioned—often at a steep discount. Any equity is wiped out, and the winning bidder takes title instantly.

4. Eviction

Post-auction, occupants must vacate. Your credit score falls 200+ points, staying damaged for 7 years, making future housing and loans extremely difficult.