I am behind on my mortgage.  How long do I have before the bank or mortgage servicer starts foreclosure proceedings?

The magic number is 120 days.  Under federal regulations implemented by the Consumer Financial Protection Bureau, a loan servicer is prohibited from beginning the foreclosure process until a borrower's loan obligation is more than 120 days delinquent.  If you have fallen behind and want to work to keep your home, make every effort to keep from falling behind by more than 120 days.

12 CFR 1024.41(f)

A servicer shall not make the first notice or filing required by applicable law for any judicial or non-judicial foreclosure process unless:

(i) A borrower's mortgage loan obligation is more than 120 days delinquent;

(ii) The foreclosure is based on a borrower's violation of a due-on-sale clause; or

(iii) The servicer is joining the foreclosure action of a subordinate lienholder.

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