What does the word "foreclose" mean? When homeowners think foreclose, they think it refers to when the home is sold by the bank. However, when the bank refers to foreclose or foreclosure, they are referring to the legal process by which they can secure their interest in their loan with you- your house. So, when the bank talks about facing foreclosure, they mean you are facing the foreclosure PROCESS, NOT the actual sale of your home. The selling of your home is the final step in the foreclosure process, but the bank refers to the sale as the "trustee's sale." So when you receive notices of facing foreclosure, it refers to the process the bank can take before the trustee's sale, when the bank can finally sell your home. The bank considers a homeowner to be in default when they have missed two mortgage payments. The bank then gives the homeowners 3 months to become current by paying the missed payments, plus late fees, additional interest, and any attorney/trustee/foreclosure fees they have entailed. After 90 days, the bank can then schedule a trustee's sale,  and they have to schedule the sale date at least 3 weeks out (i.e.- not "tomorrow"). So, if you receive a notice that you are facing foreclosure, you still have time to avoid foreclosure.