how many payments can be missed before the bank begins foreclosure process?

also if a person had one 30 day late payment would it be impossible to get a mortgage again in the future eventhough the person has a good career and good income in another state where the houses are much cheaper? What about a car loan?
what i am asking is will it be difficult to get a car loan if a mortgage loan was late once and the person has great income and great career..

...asked on May 8th, 2012 @ 11:14 pm in Foreclosure

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the bank will start the foreclosure process after 6 months of no payment. For a car loan they will come repossess the vehicle after 2 or 3 months. You will walk out of work one day and the car will be gone.

...answered by ssavage0207 on May 8, 2012 @ 11:26 pm

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There is no way to tell.
I have neighbors that recently celebrated one full year without making payments.
Yes, they had a barbeque

Sounds like you had a 30 day late payment on your mortgage.
Note: That they should not report payments unless they are MORE than 30 days passed due.
You will see on your credit reports how they can only show 30+ days passed due.
Check your reports if you are considering any financial move
Annual Credit
Never get conned into paying for them.
You want to check all three line by line to make sure the information is correct.
If so, then go to and get your score for about $ 20

Down payments speak volumes. Keep that in mind

...answered by Wreck on May 9, 2012 @ 12:01 am

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A late payment will hurt your score. How much depends on how extensive your credit history. A limited history would be more damaged than and extensive history.

It depends on the bank as to how many missed payments before they foreclose. Some will be quick and some will let you slide. You should definitely be worried if you miss 3 payments.

...answered by bdancer222 on May 9, 2012 @ 12:20 am

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A good career and a good income is largely irrelevant. You are judged on previous credit behavior

...answered by Ed Fox on May 9, 2012 @ 12:23 am

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Nana, these are all very serious and important questions. I believe they would be best answered by foreclosure specialists. For your convenience, here’s an informative article on mortgage defaults, and one of them includes what you are doing–realizing and not ignoring that you have a financial crunch, which you seek the fix:

Hope you find this helpful, and that you get through your financial troubles.

Good luck!

The Internet. Just whatever is available online and what I have on my mind, including the inclusion of relevant sites, like the one cited that came into existence from my efforts, which is intended to be useful. Helping people get the relevant info they want is great.

...answered by Alpha on May 9, 2012 @ 12:45 am

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