A lender might be able to complete a foreclosure within a few months, unless the homeowner has a solid defense. In that situation, the process might extend for a year or longer. If a court dismisses the foreclosure without prejudice, the timeline would start from the beginning if the lender pursues a foreclosure again.

This is known as a deed in lieu of foreclosure and is similar in many ways to a short sale. However, the lender will be responsible for selling the house in this situation. It may have the right to sue you for a deficiency after the sale unless you can get a written agreement to the contrary. As with short sales, you probably will not have this option if you have multiple mortgages on your home. Lenders tend to prefer short sales to deeds in lieu of foreclosure because the homeowner is responsible for selling the home in a short sale.

The promissory note and the mortgage or deed of trust are the key documents involved in a foreclosure. A lender also will need to provide evidence of the missed payments, the remaining amount on the loan, the address of the property, any additional charges, and any modifications made to the original agreement.

You should contact the loss mitigation department at your lender. Ideally, you should do this as soon as you are aware that you cannot make a payment or will not be able to make payments for a certain time. The sooner that you act, the more options that you may have to work out an alternative to the foreclosure. You will need to provide the loss mitigation department with your financial information so that they can determine the options for which you qualify. You should not just ignore notifications from your lender and hope that they go away.

Yes, you can contact the U.S. Department of Housing and Urban Development (HUD) online or by phone to get recommendations for housing counseling agencies that it approves. Usually these agencies offer housing counseling and credit counseling for minimal or no cost. If you want more sophisticated and detailed advice, though, you may want to set up a consultation with a foreclosure attorney. The first consultation is often free as well.