Can You Be 1 Month Behind In All Bills And Avoid Foreclosure?
November 6th, 2009 - ByPosted in Avoid Foreclosure
I lost my job two weeks ago.Prior to that for the last two years we worked fewer and fewer hours so the budget was strained. I managed to make bill payments but am 1 month behind in everything including house payment,taxes and insurance. I hope to have a new job in two weeks. How long do I have before all is lost?
2 Responses to “Can You Be 1 Month Behind In All Bills And Avoid Foreclosure?”
November 6th, 2009 at 9:40 pm
It takes 90 days of non payment for preforeclosure processes to begin.. then after that, it takes another 90 days for a foreclosure to take place. But keep in mind, that when the process starts, they make you pay the past due balance in full or they will return your check. Best of luck to you.. hope you find another job soon. No worries, you really have quite awhile before anything happens.
Per the poster above, mortgage companies don’t offer payment plans because that is considered a refinance. A refinance can’t be done without a job. You will need to come up with the correct payment.
November 7th, 2009 at 1:45 am
I dont think you are going to lose your home in 1 month because you didnt pay. I think the most important thing to do is call whoever you got the mortgage from and explain your situation and come with a payment plan. I cant stress enough to call and not just ignore them and assume they are not paying attention. You will be fine.
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