2007-06-17 23:11:34 · 8 answers · asked by ellen s 1 in Business & Finance ➔ Personal Finance
As soon as you miss 1 payment, collection action will probably begin - the mortgage company will start calling you to get their money.
Foreclosures generally take a minimum of 3 missed payments before they can start, although different states have different rules.
If you are going to be missing, or have missed, a mortgage payment, the best thing to do is to call your mortgage company before they start calling you. Ask for the workout department.
2007-06-18 01:05:27 · answer #1 · answered by aj485 5 · 0⤊ 0⤋
3
2007-06-17 23:49:58 · answer #2 · answered by ? 4 · 0⤊ 0⤋
As far as action , i assume you're talking about the starting of a foreclosure. And the answer to that depends on the bank, but the average down here in Miami is about 4-5 non paying months and the bank will go ahead and start with the preforeclosure proceedings. It could take an extra 2-6 months before everything is said and done, so look at the bright side you might live mortgage/rent free for about 1 year. The only problem would be that with a foreclosure on your credit you really stand no chance of buying a house under your name for a few years.
If you have further questions, or if you need help with your credit please do not hesitate to contact me at brokerstorage@yahoo dot com.
Thank you
2007-06-17 23:18:23 · answer #3 · answered by Gengis 6 · 0⤊ 0⤋
I do not know, but I wouldn't like to take the chance. I pay my mortgage a six months in advanced so that if a month comes along that I can't pay it at least I am covered. Miss too many payments and you could lose your house and have a bad credit record for life. It really is not worth the risk.
2007-06-17 23:24:12 · answer #4 · answered by Black 7 · 0⤊ 0⤋
Depends on the lender, but usually anywhere from 3-6. Although they've got the right to collect after the 1st payment is missed, most lenders will give you every opportunity to catch back up or even work out a forbearance program, (a repayment program to get you caught up), because it's in their best interest to carry the note to term as opposed to foreclosing. Consult with your current lender to see if you can work something out, and find out what their specific programs are.
2007-06-18 12:32:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
That's all up to the people who hold your mortgage. If you feel you're going to have problems, get in touch with them and try to work out something that will work.
2007-06-17 23:14:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋
2 or more I'd say. Though you are usually chased after the 1st missed payment. If you miss one it can all go down hill from there.
2007-06-17 23:14:52 · answer #7 · answered by Anonymous · 1⤊ 0⤋
I think about three - but if you are having problems, GET IN TOUCH WITH YOUR LENDER. They would far prefer you to tell them whats happening and to negotiate with you to pay lower repayments than for you to default or have them repossess your home.
Please call them today - if you need to.
2007-06-17 23:14:47 · answer #8 · answered by Sal*UK 7 · 0⤊ 0⤋