Posted on: 21st Apr, 2011 09:20 am
what is the time line in witch they start foreclosure on your property if you miss one payment?
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.
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.
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.
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.
Actually the due payments are done on time then there is no need to worry on that issue