[runningbear]

miss two or more payments and you are heading into foreclosure... No hoops about it.. Don't have the money, don't keep the house... ;o)

[itsahoot]

Just in case you want to know what you are talking about. 

Stage 3: OBTAINING POSSESSION OF THE PROPERTY


STAGE 1 : THE NOTICE OF DEFAULT PROCESS
Foreclosure proceedings are initiated with a Notice of Default (NOD). The Notice of Default is recorded at the request of the lender by the trustee which, in effect, gives notice to the public that the loan is in default.

The actual recording of the notice takes place at the County Recorder's Office in the county in which the property is located. It denotes essential data pertaining to the trust deed, the amount in arrears, address of the property, and the date of recording.

In the state of California the trustor (Borrower) has three months from recordation of the notice of default to reinstate the loan (to make the loan current by paying all payments in arrears, any late charges, or other deficiencies). The law requires the lender to accept the trustor's reinstatement money during this three month period.