| January 1, 2009 |
Borrower misses first payment |
| February 1 - 28 |
Borrower misses second payment; lender sends notice informing borrower of default and of possible loss mitigation options (e.g., forbearance agreement) |
| March 1 - April 30 |
Borrower misses third payment; lender sends notice of acceleration; informs borrower it intends to foreclose; sends file to attorney to initiate foreclosure |
| May 1 - 31 |
Foreclosure attorney reviews file, prepares complaint, etc. |
| June 1 |
Complaint filed |
| June 15 |
Borrower personally served |
| July 15 |
Answer due |
| August 1 |
No (or insufficient) answer filed by borrower; motion for default (or summary judgment) filed by lender |
| August 15 |
Default (or summary) judgment of foreclosure entered |
| September 15 |
Expiration of right to reinstate (i.e., pay arrearage and bring mortgage current) 90 days after borrower is served (§15-1602) |
| January 15, 2010 |
Expiration of right to redeem (payment of full judgment amount plus post- judgment interest and allowable expenses) 7 months after service o r 3 months after judgment, whichever is later (§15-1603) |
| January 16 |
Judicial sale (§15-1507) after notice of sale (running in the newspaper for at least 3 consecutive weeks, between 45 and 7 days prior to the sale) |
| February 1 |
Order confirming sale entered (§15-1508); order of possession entered and stayed for 30 days (§15-1701) |
| March 2 |
Expiration of special right to redeem (if lender bought property for less than judgment amount) 30 days after confirmation (§15-1604) |
| March 3 |
Order of possession goes to sheriff, borrower can be evicted |
