Foreclosure typically begins after 90-120 days of missed payments. The exact process varies by state — some are judicial (require court approval) and others are non-judicial (handled out of court).

Foreclosure devastates credit (often dropping scores by 100-160 points) and can prevent buying another home for 3-7 years.

Alternatives to foreclosure include forbearance, loan modification, short sale, or deed in lieu of foreclosure — all of which are less damaging than a completed foreclosure.