How many payments can u miss before your home goes into foreclosure?
Question:
Answer:
Sorry to hear of your problem---each mortgage company is different...some if you miss one month...they will issue a NOD - notice of default ...others it is 120 days.
First- make sure you keep in contact with your mortgage company. they have a tool called Forebearance that they can offer you. it is a grace period of several months to get you on your feet...they tack the missed payments and a fee onto the end of the loan...thus lengthening the loan.
but also here are two tools that i have that can assist you.
the first is a website that lists the foreclosure laws for each state and the timeline for that process. simply click on your state and scroll down to read
http://www.foreclosures.com/pages/state_...
the second tool for you is a National Foreclosure Hotline set up by the federal government. 1-888-995-4673
This number was listed on the CBS Nightline News a few nights ago.
i want to wish you good luck and remember that "Information is power", so research the items i gave you.
good luck :)
Legally they can start the process after three payments. Most companies do not start the process until after four missed payments. If you are three or more behind contact your mortgage company for repayment plan options or a loan modification.
depends which lender or state ..just takes one sometimes two or three
This is a policy question decided by your lender. Generally, three is the usual number before they start foreclosure proceedings. Your lender may tighten up the policies in light of the current meltdown in the subprime market.
If you are having a problem, call the lender and discuss some partial payments - don't ignore the lender.
If I lend you money and you ignore your obligation I will move firmly to protect my interests, especially if you don't communicate with me.
If you contact me and try to make arrangements I will try to preserve my deal with you because a foreclosure costs me a lot. Additionally I don't want to have a high foreclosure rate because it makes my lending business look like its run by a professional incompetent.
Generally, you're in default after you're 90+ days late.
When in doubt, pull out your closing paperwork and read the Note and Mortgage. Between the two of them, it's got the info you need.
It will depend mostly on how long you have been a client of your bank, and how much you stay in contact with them once you know you will begin missing payments. If you're worried about a job loss, medical problems, or the payments going up, call the lender as soon as you can and ask if there are any programs that they offer to help you prevent foreclosure.
If you don't talk to the lender and start missing payments, they'll start calling every day. If you don't answer any of their calls or their letters, or respond to the attorneys that they hire to sue you, foreclosure can start soon after the third payment is missed. They won't want to work with you if you aren't trying to fix the situation -- they'll just go after the house.
That's one reason you should keep in contact with the mortgage company to stop them from filing foreclosure on the house. If you keep in contact with them, they may hold off on the process for 6 months or longer, giving you time to save up money for a repayment plan, refinance, or to sell the property. They'll give you some extra chances if you keep them informed of what you're doing and make good faith efforts to avoid losing the home.
If you're worried about foreclosure, there's a good chance that you may be expecting a financial hardship or your payment will reset soon. Start saving at least a few hundred dollars extra every month, or cut your expenses down to the minimum (who needs 750 TV channels, anyway?), and make sure you have an emergency fund that can last you even a few weeks, if not a few months.
But just try to take care of the problem before it becomes a problem, and you should be able to avoid the possibility of facing foreclosure. Read up a little bit about foreclosure in your state and some ways to stop it, and you'll have a head start if anything does happen to you or someone close to you.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
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