How many skipped mortgage payments before the bank can begin foreclosure?

Question

Lost job in the begining of May. Paid May mortgage payment, but only a fraction of June's. It is now July 21. Can the bank foreclose already? I just sent $600 but still owe $1,000 of June's mortgage.

Answer 1

every state is different some as little as 60 days most wont do any thing until 90 or days down. Get  a job and ask the lender to work out a forebearance agreement so you can keep your home

Answer 2

3 months believe me been there before... The bank doesnt want the house they want you to pay for it, therefore dont be to concered as long as you send them something showing that you are trying...Hope this helps...

Answer 3

I'm in the same boat.  I think it's 3 months before they do anything.  But, you need to call them and discuss your situation with them, maybe they can help in some way.

Answer 4

It's time to have a serious conversation with your bank, so you don't lose your home.

There's a terrific article at eHow on steps you can take to avoid foreclosure:

http://www.ehow.com/how_2256426_foreclos...

How to Avoid Foreclosure During the Subprime Crisis

Read through it carefully, follow the steps outlined, and make full use of the Resource links provided.

If it's not too late, you might to look at this one, as well, on renegotiating your mortgage with your bank:

http://www.ehow.com/video_2277196_renego...

How to Renegotiate Your Mortgage and Lower Your Monthly Payments

Lastly, you might want to check out ways to earn some extra cash

http://www.ehow.com/how_2254361_money-in...

How to make money on the internet, scam-free

Hope that helps.  Best of luck.

Answer 5

Depends on your state, but here in California, once you are 30 days behind, the lender can file the first notice called a "notice of default".  This must be published in your local newspaper and then once it is recorded with the county recorders office, you have a 90 day window in which you can bring your mortgage current.

Once the 90 day window from the notice of default has elapsed, the lender then must file the next notice called a "notice of trustee's sale".  Once this is filed, you have 21 days to come up with the entire balance or your home can be sold at auction.  

Now, typically, the lenders never file these documents on the exact 30 day and 90 day time frames, but if they do, you can expect to have 121 days from the time you become 30 days behind before your home is sold in a foreclosure sale.

You must contact your lender now and start negotiating with them.  Request a forbearance agreement now and request the delinquent payments be added to the end of your mortgage.  A forbearance is note modification where you make arrangements to take care of delinquent mortgage payments before your home is lost to foreclosure.  

Your lender, like all lenders today, does NOT want to foreclose your home. They will work with you as long as you work with them.

Good luck.

Answer 6

Why haven't you called the lending institution to see about working something out? Not paying or underpaying without any sort of communication to them is a VERY BAD idea. Call your bank and see what they can help you with--the longer you wait the less sympathetic they will be, you should have done this right away! Hopefully though, you'll be able to work something out--at this point especially, banks don't WANT to foreclose, so they may be more than eager to help you out if it means keeping your business.

Good luck! Hope you find a new job soon!

Answer 7

Usually it is 2 - 3 months of mortgage default. But before it's too late inform your lender / bank about it. It is your responsibility to notify your lender, so that he can explain you the entire process and what to expect. Don’t delay, for the longer you take, there will be other fees and chargers that you have to incur.

Another reason why your lender should know about your situation is because he should get a fair idea as to why you are not being able to make your payments so that you can buy some time from him to get your finances right in place.

Answer 8

The note you signed is your contract with the lender to repay the money.  In there you will find the foreclosure process spelled out.

I agree with the othe posters, calling the lender, especially in these times, has the best potential for you working something out so you can keep the house.

Answer 9

You can also contact a loss mitigaton company to work on your behalf. It can be time consuming for an individual to contact the lender. They can work out a loan modification for you.