If I Am Late On My Mortgage For Two Months And They Start Foreclosure, Can I Catch Up To Stop Foreclosure?
November 1st, 2009 - ByPosted in Stopping Foreclsoure
i can become current, with mortgage and late fees in month three. will that end the foreclosure and prevent me from losing the house?
5 Responses to “If I Am Late On My Mortgage For Two Months And They Start Foreclosure, Can I Catch Up To Stop Foreclosure?”
November 1st, 2009 at 4:51 pm
The solution to your problem depends on what your goals are. How much are your mortgage payments? Can you easily afford them, even if you do get caught up? If your goal is to own your own home, consider looking for another house that is being sold as a bank owned property (a foreclosure sale). I just bought a nice house on a big lot and a 2 car garage for $7000 cash. Look on Realtor.com to find a house (you might have to go to another state or city to find it). There are houses out there for under $2000..lots of them now. Just stop paying your mortgage..you can live in your house for up to one year in many cases..just save your money for a few months, buy a foreclosure and live rent and mortgage free for the rest of your life.
November 1st, 2009 at 10:15 pm
Absolutely! Immediately contact your mortgage company! Communication with them is everything. They do not want your house. But, do not delay, if they start the foreclosure process it is harder to stop.
November 1st, 2009 at 11:48 pm
yes contact your mortgage company and let them know what is going on, they can’t work with you if you don’t call and talk to them
November 2nd, 2009 at 4:53 am
no
November 2nd, 2009 at 6:04 am
The decision to decide when to foreclose on a property is determined by the bank/lender. Each have their own time frame.
Some will start the foreclosure procedure after you being one month delinquent, while others will start the foreclosure after missing as many as 6-12 months.
You should call your lender and explain to them that you will be late and why you will be late. Between the two of you, you might work out a plan where you can make 1/2 a payment for a certain number of months or some type of program that might add your missed payments to the end of your mortgage.
There are several things that might happen, but unless you communicate your capabilities to your lender they will never know your plans or what you can do to maintain your monthly mortgage payments.
If your property do go into foreclosure and you are able to make up the back payments to include any fees charged, that will end the foreclosure procedure against you.
I hope this has been of some use to you, good luck.
“FIGHT ON”
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