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The lender will typically take action against the homeowner after it has been 90 days since the last payment was made. Once 90 days have passed, the lender issues a delinquency notice to the homeowner. The homeowner can do one of two things. They can either pay the mortgage amount and avoid the foreclosure situation altogether or they can continue not making any payments which will lead to the lender to foreclose on the property. Fannie, in particular, is notorious for overpricing and refusing to accept offers below their asking price for up to ninety days. In locations where the market is favorable towards sellers, agencies like Fannie and Freddie will even perform updates to homes, like new paint and flooring. Improvements don't leave much room for negotiations or discounts. Buyer beware- It is not uncommon to end up paying more than a comparable home for these types of government owned properties.