Late on mortgage?

Question

since i lost my job we have been late paying our mortgage, we havent missed any payments and always pay the late fee. we have about a year left on it, we only took a 15 year, can they forclose?

Answer 1

No they cannot foreclose.

Foreclosure is a lengthy and difficult process which is initiated after several payments are missed.

By paying late you can damage your credit and that's about it.

Good luck!

Answer 2

They have the legal right to start foreclosure. You have the right to stop the foreclosure by paying what you fell behind.  That's why most lenders don't foreclose until you are 3 payments behind.  Doesn't matter if your loan is 15 years, you must make timely payments.

Answer 3

As long as you haven't missed any payments the bank will not start the foreclosure proceedings.  The bank will not report you to the credit agencies until you're 31 days late.  So making the payment 16 days late (typical date when the grace period is over) just makes more money for the bank.

Answer 4

If you haven't missed any payments, no.