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time line

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fnavarro Joined: 07 Jun 2010 Posts: 3 1.80 Dollars($)	Posted: Thu Apr 21, 2011 9:20 am    Post subject: time line Like 0 Dislike 0 what is the time line in witch they start foreclosure on your property if you miss one payment?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Apr 21, 2011 12:13 pm    Post subject: Like 0 Dislike 0 Missing one payment isn't where you want to be, but it's not going to bring a foreclosure notice. If you make a payment every month from here on in on a regular basis, you'll not get such notices. You'll get plenty of phone calls and mailings and the hint of foreclosure will be contained in each, but you're not really in jeopardy by being 30 days late on a recurring basis. If you run up to 60 days late, i.e. 2 payments late, then you will find yourself bombarded with such language. But they will also suggest that you attempt to obtain a modification. Don't try to do so if you are unemployed, as income is one of the main considerations they use in determining if you are eligible to have your loan modified. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Apr 21, 2011 7:40 pm    Post subject: Like 0 Dislike 0 Hi fnavarro, You should note that duration of foreclosure process will vary from state to state. Moreover, lenders will normally start off the foreclosure process when you're around 3 months delinquent in your monthly mortgage payments. Though you're late on your payments, if you pay off the dues within the grace period, then I don't think you'll face any problems. _________________ Procrastination is the enemy of your financial success
mortgage2011 Joined: 04 Oct 2010 Posts: 3 1.34 Dollars($)	Posted: Mon Apr 25, 2011 10:44 pm    Post subject: Like 0 Dislike 1 Actually the due payments are done on time then there is no need to worry on that issue

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