i missed one payment but still pay on my due date but always 1 payment behind can you be foreclosed on?

Answer 1

If you are making regular payments and aren't at least 60 days behind, no one is going to go to the effort to foreclose.

Answer 2

It would be a very bad bank that foreclosed on one missed payment. Foreclosure is a messy and expensive proposition. Banks try to avoid them when they can. They will usually wait until 2-3 payments have been missed and then start to go thru the paperwork. Some will go longer than that. I would suggest you call the bank and let them know that you know you are behind and you are working to get it fixed. They will probably hit you with a fee. However, I doubt that they will foreclose on you if you only missed one payment. Still, you need to call them and let them know you are working on getting caught up. Communication goes a long way in preventing foreclosures.

Answer 3

Yessir, there goes your credit rating HUGELY! I found that out the hard way, being in the same "boat" you are. I had to make timely payments for 12 months before my credit rating improved. Just think of the late fees you are adding up, too. Those are not collectible on demand, but will be at the sale of your home or at the end of your mortgage. Call your mortgage lender and talk to them about how to make this up, maybe partial payments? Like an extra $50 or $100 a month? Maybe they can help. (By the way, that won't trigger a foreclosure, being one month late, like the others here said). Good Luck!!

Answer 4

This is called a "rolling late", which basically means that if you look at your credit report it will look like you are 30 days late every month until you are current. I'm sure if you call the mortgagor's 800# it would state that your current payment due is for the previous month. This is not cause for foreclosure, which is a result of being 120 days late on your mortgage. Foreclosure proceedings are initiated when you have missed three payments in a row and you will be in foreclosure after the fourth month is missed - meaning you owe them four month's worth of payments. Sounds like you are safe from losing your home but may be seriously hurting your credit.

Answer 5

I agree with Yassir make payments of 100 dollars or 200 dollars more a month and before you know it you are caught up.... and yes it does destroy your credit and until you have 12 month of no lates refinancing is going to be expansive. did you look at getting a line of credit on the home to catch up with the payments and keep some reserves for harder times to come ?? just an idea and I know banks that will do it even if you have late payments [e-mail]