How long does the foreclosure process take?

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I read that over $50B in ARMs are resetting this month (October 2007). How long does it take for those that are unable to pay due to the higher mortgage payments to be foreclosed on?

Say the ARMs resets in October, home owners try and make a payment or two and realize it's a lost cause, they skip a few payments, lenders begin foreclosure, would it take about 6-8 months, maybe longer, for home owners affected by October resets to actually lose their homes?

The effects of this $50B in ARMs may not be known until Summer/Fall 2008?