how far behind on your house payment can you be. befor they repo it?

Question

i had to skip a payment 5 months ago now my car broke down and i have to miss another one this month.but i allways made them on time in the past.?

Answer 1

Usually it takes about 4 months of being behind before you start getting in trouble. After that you have other options to prolong the foreclosure process. I have know people to go more than a year without making a payment before they ended up getting the notice from the sherriff.

Answer 2

There has been lots of people here saying 3-6 months. They are most likely from blue states where the state govt is more liberal. Red states, places like TX, don't play when it comes to foreclosures. You are out in 27 days. Foreclosure process starts on late day 1. Sheriff is at your door ASAP. (Good states in invest in rental income properties, because the govt is on YOUR side.)

What I would do is put a HELOC on that house and use the money to supplement your income.

Also, if your budget is that tight, and you can't repair your car without missing your mortgage note, then you seriously need to re-evaluate your financial situation. It may be better to sell your house, take the equity, buy a duplex and rent out one side and live in the other side for free (or very little). Then you can get on your feet financially. I would also re-evaluate what you do for a living. If you work hard but can't make ends meet, then you need to learn how to invest and how to make money from something other than just a job.

Punching a clock never made anyone rich. Nothing is stopping you from being rich, other than your attitude about money and some easy-to-obtain information.

God bless!

Answer 3

Technically they can begin foreclosure one day after a missed payment. Most, if not all, won't do that. But they can. Believe it or not, banks really don't want to foreclose because it costs them too much.

Worse is your credit rating. 2 dings on your report for one loan in 6 months isn't good at all. Is there a way to get a loan on your car instead of skipping your mortgage? Or borrowing the money some other way?

If you can AT ALL find another way to pay for your car, I would. The damage you do to your credit just from one skipped payment will take YEARS to go away.

Good luck :)

Answer 4

Did you make an extra payment and catch up after the first time? If not then you may be late every month since then whether you realized it or not, because your always paying last months payment. Technically you would always be 1x30 days late; if you skip this next payment, you'd become 2x30days late....you should call your lender about that and plans for getting caught up if you are.

Normally, they will start foreclosure proceedings after 120 days of no payments at all.

If you made good faith efforts sometimes they will work with you to do what's called a forebearance, or payment plan, where you will make a payment that is higher than your normal payment to get you caught up with your payments.

Answer 5

5 months ago, you skipped a payment, than you paid the next month, until now for car repair (correct). Your credit will be showing rolling 30's. With this next one being missed, it will make it a 1x60 late. but you plan on making August payment correct - so that will apply onto your mortgage.

March payment skipped, You paid a payment in April, that paid for March.

May payment paid for April
June payment paid for May
July payment was to pay for June etc
You Skip July - so now you owe for June & July
You pay in August, that pays for June

Now you are 2 months behind. Follow me so far. If you get to the 120 day - Lenders look at that as a Forclosure - even though it is not....You will than get a NOD in the mail (Notice of Default) and they can start Forclosure on you......Make sure you make a payment in August - DONT" SKIP IT - ok. that will hold you at the 60 day late.... ALSO, You need to call your lender, before it gets out of hand on you. They may let you make a interest payment, and tack on the extra payment on the end of you loan, or they may let you make a extra 50.00 payment each month till you get caught up (just a estimate only)

Or you may look into refinancing, to pay off your mortgage, fix your car up, pay off your debit, and put some money back (if you have any left) into a rainy day fund (that you do not touch).....That is why ppl refinance - 1. to get a lower rate. 2. To help them get out of debit...

Plus you will not have a Mortgage payment for possibly 2 months, which will give you a breather.

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Answer 6

Hi scott,

It depends how much equity you have in your home. They can try to consume as much equity as they can before they start proceedings.

I had one client that wanted to refinance after he had not made a payment in over two years. He had a multimillion dollar home with a lot of equity. When the bank did an AVR (Automated Valuation Report), and found that he was nearing a certain LTV (Loan to Value) his lender started foreclosure proceedings.

I know this is not much help Scott, but the short answer is; they can start proceedings at anytime.

Good Luck,
~Trey

Answer 7

Have you considered refinancing to draw some money out of your equity to be able to fix your car, payoff some credit cards or heck even buy a new car? This may help you get a fresh start and piece of mine. Let me know if you are interested [e-mail].

Answer 8

3months. But just go to your lender and ask for an extension most of them will give you one or two at a time and that will bring you up to date they extend you note for a number of months and you pay it at the end of your loan term.

Answer 9

I had to do that before.....Just call the bank and they will let you just pay the interest until you get back on your feet and than your credit with them will stay good.......They won't do anything if you miss just one but it's good if you can call them and explain.....

Answer 10

i believe they'll let you slide for 3 months, but it's always best to contact them as much as you can to let them know the money is on the way. it could help