How many skipped mortgage payments before the bank can begin foreclosure?
Written By: admin on September 29, 2009
One Comment
Lost job in the begining of May. Paid May mortgage payment, but only a fraction of June’s. It is now July 21. Can the bank foreclose already? I just sent 0 but still owe ,000 of June’s mortgage.
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Tags: begining, fraction, job, mortgage bank, mortgage paymentTags: begining, fraction, job, mortgage payment
Depends on your state, but here in California, once you are 30 days behind, the lender can file the first notice called a "notice of default". This must be published in your local newspaper and then once it is recorded with the county recorders office, you have a 90 day window in which you can bring your mortgage current.
Once the 90 day window from the notice of default has elapsed, the lender then must file the next notice called a "notice of trustee’s sale". Once this is filed, you have 21 days to come up with the entire balance or your home can be sold at auction.
Now, typically, the lenders never file these documents on the exact 30 day and 90 day time frames, but if they do, you can expect to have 121 days from the time you become 30 days behind before your home is sold in a foreclosure sale.
You must contact your lender now and start negotiating with them. Request a forbearance agreement now and request the delinquent payments be added to the end of your mortgage. A forbearance is note modification where you make arrangements to take care of delinquent mortgage payments before your home is lost to foreclosure.
Your lender, like all lenders today, does NOT want to foreclose your home. They will work with you as long as you work with them.
Excellent luck.