My last payment was Jan. 15; but it seems the clock started ticking when I missed my payment on Feb. 15.
Chase and Countrywide (primary and HELOC lenders) are telling me that the foreclosure begins on May 15, the three-month mark, if I’m understanding them correctly.
But what I want to know is, when would the foreclosure be done with?

If the house next door went into foreclosure and then sold for a much lower price than it was originally valued at, does the value of my house go down as well? If so, is this a problem if I am not planning on selling in the near future?

I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?

I am aware that a foreclosure will stay on ones credit report for 7 years but when does that time begin to pass? Is it from the time you first start the foreclosure process or once the property is sold at auction and account written off?

My friends moms house is going into foreclosure cause his parents are getting divorced, it will start on july 1st, how long should a typical forclosure take? A few months?