Generally speaking, foreclosures take place according to a very specific process. To protect both parties, federal and state law requires that certain steps take place, and that they take place in a certain time frame. Overall, the entire foreclosures process usually can take one or more months after the first step, which is the notice of default. The notice of default, commonly abbreviated as NOD, states in writing the fact that a default has occurred and details the amount and time preceding repossession and sale. Through this period, the homeowner is given reasonable time to either prepare for foreclosure or repay, possibly through an alternative method. Preferably as early as possible, homeowners are advised to discuss such alternatives with their lender, which may include a short sale or loan modification. As the foreclosing party, the lender can stop or delay the foreclosure if an agreement has been negotiated or the default is somehow fulfilled. If the lender proceeds with foreclosure, a notice of sale will be issued/published and a sale will then occur, either under court supervision or by the lender.