foreclosure?

Hi,

It is not more than two or three months. Generally if you are behind on your mortgage payments for three months, the lender will send you a notice and foreclose the mortgage.

Now I would like to know – have you made any late payments?

Best of luck,
Larry

I was told that anytime you are 90 days delinquent your mortgage is considered in foreclosure. It probably depends on your lender, and where you live (local/state laws). If your lender does start foreclosure proceedings it is very damaging to your credit, but sometimes they will work with you to resolve it without loosing your home. A modification might be an option if you wish to keep your home. You should contact your lender.

i'm only one month behind, now heading on two months.

It is up to the lender. It could be 1 month behind. It really depends on what your contract states. And also if it states 3 months they don't have to foreclose. It is rare but I knew someone who hadn't paid the lender in 2 years and was still living in the house. It just wasn't worth the lenders time to pursue the owner. It was a $20,000 loan and the house was not even worth that.

I don't recommend not paying like I stated above, I just used it as an example.

Keep this in mind because it is important! You said you are going on 2 months behind, correct? Now if you start making regular payments you will still always be 2 months behind until you catch up the delinquent amount. Let me try to make that more clear. You have to pay the 2 months behind plus the regular months payment in order to become current on the mortgage.

Let me know if you have any questions.

Most lenders start the process when you are 60 days late.