How Long Does It Take for a Bank to List a Foreclosure?

The foreclosure process is long and varies from state to state. The process, generally speaking though, is the same on a basic level all across the country. The homeowner first misses a payment, then is informed of a late payment and assessed penalties. The homeowner then misses one or more additional payments and is served with a Notice of Default.

If the homeowner does not pay the owed amount within a timeframe, they are then served with a Notice of Sale, which marks the official beginning of the foreclosure process.

This question can be answered in two ways. The first involves the time between the homeowner being told they are in default and the home being placed for sale at auction. The second involves the time after the bank has taken possession of the home and when the home is formally listed for sale at an auction.

Timelines for both vary. For the first discussion, a bank could formally file for foreclosure as little as 30 days after a missed payment, in some areas. Of course, most areas require a certain amount of time, so the average time between missed payments and the formal foreclosure notice can be anywhere from 90 days to six months.

For the second discussion, how long it takes a bank to list depends. Is the home damaged or in need of cleanup and repairs? If so, a bank could take anywhere from a month to three months before listing the home for auction. Generally speaking, the minimum is 20 days from the time the home is foreclosed on - reverts back to the bank - and the time that the auction date is set.