Posted on: 11th Nov, 2010 06:22 am
My mortgage company PHH was going to proceed with foreclosure on Nov. 18th. But, I am able to gather up the money to bring my mortgage up to date prior to that date. Once I am caught up, will all foreclosing procedures close out automatically? What happens if I am late on my mortgage again? I lost my job in April and in July I applied for a mortgage modification but, I am still waiting and waiting and waiting. Thank you for a quick answer.
Hi Guest,
Welcome to Mortgage fit,
In reality lenders never wish to foreclose the property as it stuck their money in the property.........So as far as the cancellation of the foreclosure process is concerned your lender will surely welcome it and will give one more chance to pay-off the arrears.
As far as falling behind on mortgage in coming future is concerned, lender has already assumed that risk and it may happen with any person who initially may appear to be with good credentials but eventually may end up with non payment of mortgage for any small reason.
Feel free to ask any further query if you have..........
DIPA
Welcome to Mortgage fit,
In reality lenders never wish to foreclose the property as it stuck their money in the property.........So as far as the cancellation of the foreclosure process is concerned your lender will surely welcome it and will give one more chance to pay-off the arrears.
As far as falling behind on mortgage in coming future is concerned, lender has already assumed that risk and it may happen with any person who initially may appear to be with good credentials but eventually may end up with non payment of mortgage for any small reason.
Feel free to ask any further query if you have..........
DIPA