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Can your mortgage be forclosed on one missed payment?

Realisticly, how quick do mortgage companies go into foreclosure on property. I\'ve heard everything from right away, to not until after 90 days.

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jeff,

As you have said there is one payment you have missed, they will not start the foreclosure process.

But you need to contact your lender and tell him about your financial difficulty for which you were not able to pay.

I think they will consider your situation if you get normal with the payments.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:02 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:615e83c53e]I've heard everything from right away, to not until after 90 days.[/quote:615e83c53e]
Normally 90 day default would result in the lender going to start the foreclosure proceedings and not before that.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:02 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jeff,

It depends on the lender as to whether he will call a foreclosure on a property at one single missed payment. Actually more than the number of payments, what matters is the time period of maximum 90 days within which a borrower is required to make up for the missed payments.

In general, lenders may not contact a borrower after he misses one payment. They may wait for the borrower to miss the second payment. But most of them do not forget to report the first missed payment, which is a bad sign for the borrower's credit score. This affects the creditworthiness of the borrower.

Missed payments also make the lenders charge a 5% late fee along with each missed payment. So, its better that you call up the lender the very first time you miss your payment, explain your financial situation and whether you require an alternative plan or a suspension of some payments. Lenders are required to shell out several dollars to foreclose and sell your property. So they will try to finds out some other alternative by which a borrower can comfortably pay off the home loan.

Thanks,

Caron.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:02 | Post subject:

oshinaopika's picture
oshinaopika | Joined: July 24, 2008 07:44 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jeff,
You are not clear with your thoughts, will you give more information. So I can help you out in this matter.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:02 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

90 days is typically the trigger.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:02 | Post subject:

sweeney's picture
sweeney | Joined: July 20, 2008 12:50 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

90 days is usually the trigger to start the process

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:02 | Post subject:

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