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How many payments can u miss before your home goes into foreclosure?

with all the talk about all these homes going into foreclosure,,i am worried

...asked on July 26th, 2011 @ 12:00 am in Foreclosure

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Legally they can start the process after three payments. Most companies do not start the process until after four missed payments. If you are three or more behind contact your mortgage company for repayment plan options or a loan modification.

...answered by Sara M on July 26, 2011 @ 12:45 am


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depends which lender or state ..just takes one sometimes two or three

...answered by kthor101 on July 26, 2011 @ 1:22 am


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Sorry to hear of your problem—each mortgage company is different…some if you miss one month…they will issue a NOD – notice of default …others it is 120 days….

First- make sure you keep in contact with your mortgage company. they have a tool called Forebearance that they can offer you. it is a grace period of several months to get you on your feet…they tack the missed payments and a fee onto the end of the loan…thus lengthening the loan.

but also here are two tools that i have that can assist you.
the first is a website that lists the foreclosure laws for each state and the timeline for that process. simply click on your state and scroll down to read

http://www.foreclosures.com/pages/state_laws.asp

the second tool for you is a National Foreclosure Hotline set up by the federal government. 1-888-995-4673
This number was listed on the CBS Nightline News a few nights ago.

i want to wish you good luck and remember that “Information is power”, so research the items i gave you.

good luck :)

...answered by Blue October on July 26, 2011 @ 1:34 am


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This is a policy question decided by your lender. Generally, three is the usual number before they start foreclosure proceedings. Your lender may tighten up the policies in light of the current meltdown in the subprime market.
If you are having a problem, call the lender and discuss some partial payments – don’t ignore the lender.
If I lend you money and you ignore your obligation I will move firmly to protect my interests, especially if you don’t communicate with me.

If you contact me and try to make arrangements I will try to preserve my deal with you because a foreclosure costs me a lot. Additionally I don’t want to have a high foreclosure rate because it makes my lending business look like its run by a professional incompetent.

...answered by Peter T on July 26, 2011 @ 2:16 am


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Generally, you’re in default after you’re 90+ days late.

When in doubt, pull out your closing paperwork and read the Note and Mortgage. Between the two of them, it’s got the info you need.

...answered by Yanswersmonitorsarenazis on July 26, 2011 @ 2:59 am


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