ok i ask this ? once i will re frame it different..late house payment.i miss ahousepayment 5 months ago?

Question

but allways made the rest of them on time,and iam adding 50 dollars extra to each month after that to catch up,now i have to miss another one.other then a bad credit mark.can they forclose on me or will they just extend the loan out with higher interest.if i keep making the rest on time with out missing any more?

Answer 1

Bank usually foreclose properties that are in default of more than 3 consecutive months, for which case, the bank shall send notice of foreclosure to the borrower concerned. The borrower, upon receipt of notice, should settle the amount due and its corresponding penalties, otherwise, failure to settle will constrain the bank for legal action called foreclosure proceedings.

I suggest that since you have difficulty in paying your monthly amortization on time, maybe because of some budget difficulties, you try to coordinate with your bank for a restructuring of mortgage in such a way that the monthly due shall be within your financial capacity to pay. You can lengthen the term of the loan to make the amortization smaller, bearing the same interest rate.

Answer 2

Hi scott,

You should be fine. Just make sure you communicate your intentions to your lender, and try to get it in writing ( I know good luck), but it never hurts to try.

In your situation because you have missed one full payment and add $50.00 to each new payment, they could roll you late until you catch up and have entire deficit payed up in full. Rolling late means that they will start taking 30 day lates onto your credit profile until it reaches 90, then it goes to a 120.

1x30
2x30
3x30 or 1x90
2x90
1x120


So if your mortgage payment is $1000.00 and you are making $50.00 extra a month payments, think how many lates you will have on your credit, not including all of the deferred interest which will be a lot.

As far as any one telling you when a lender will start foreclosure proceedings, be very careful. The lender has the right to
foreclose "once you have defaulted". In addition to that, they will "usually" try to consume as much of your equity as possible. So, if you have a mortgage balance of $50,000.00 on a $100,000.00 home, (LTV = 50%) they will typically let you go longer without making a payment. They will then pull a AVR, to see how close you are to the end.

The reason for this is, you become a built in, by default renter, and when they place the home on the auction block, there will be less to money they will have to give to you in the end. By law they have to auction or sell the home and any leftover equity minus penalties and interest they have to give back.

No equity = no money to give back.

LTV= Loan to Value
AVR = Automated Valuation Report

Answer 3

A bank is not going to foreclose on you for a late payment or two unless you totally ignore them. The problem is the terms of your mortgage will dictate whether they can just add the missed payments to the end of the loan. More than likely it can't. There are extreme cases as in the Hurricane areas where the government is forcing mortgage holders to do that. In theory, to do so, you would have to redo the whole mortgage or at least file an amendment.

But you have to contact them and make arrangements otherwise you would be in default and they could call your mortgage due! If you couldn't pay the full amount, then of course they would file the foreclosure.

Answer 4

Simply put....NO they will not foreclose on your property. You've missed only a few payments but have been able to make up for them. The foreclosure process is not simple and it does not happen from night to day. As far as the direction that your lender will take for you making your late payments, that really depends on each lender. They all have different regulations.

An article that could help you understand a little more about this is titled "Avoiding FORECLOSURE!!" which you will find in my blog in the May archive. Enjoy the reading.

Good luck

Answer 5

It normally takes, 120 days of no payments for a lender to initiate foreclosure. They don't want to foreclose if they don't have to, it means loss of money to them when it happens.

When you miss a payment, it's commonly referred to as being 1x30 late, if you don't catch up on your payments, next month when you make your next payment, you'll still be a month behind, and considered 2x30 (you've been late two times). Because your still making a payment every month, it's referred to as a Rolling Late, meaning your still making payments but your always one month behind in them.

You should call your lender and communicate with them, they will see that you are attempting to catch up and help you set up a formal 'forbearance'. Which is what you were already doing basically. A forbearance is when you make your regular monthly payment, plus a little extra to catch up on that missed payment.

Lenders will not (usually) extend or 'recast' the loan out, that would mean refinancing in most cases, but it's always worth asking if you really need them to.

Answer 6

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