How many months must I be behind before a bank can foreclose on my home?

7Foreclosure occurs after being unable to make mortgage payments . It also depends on your lender and the terms and conditions of your agreement. If you miss a single payment, you will surely get a notice that you’ve missed your last payment. If you have your own loan modification attorney, ask them for help.

Only 2 months to settle things

Different states have different laws but usually, you have only few months in hand to settle your dues. Otherwise, you have to prepare yourself for some trouble ahead. If  you miss making your mortgage payment and don’t contact for 2 months, the bank will get serious and start taking actions against you. So if you have missed your last payment, you better pay it before it gets too late.

An early reminder

If you ever miss your payment, the bank will send you a reminder within a few days but won’t take any hard steps yet. If you are having  problems regarding arranging the money, you must notify the bank that you’re going to pay but it could be late.

On the 36th day

If it has been 36 days since you’ve missed your payment then it’s expected that you’ll get a call or a visit by the bank’s loan modification officer. You can discuss with him how you can pay if you are willing to do it now. He will also give you valuable information on foreclosure and how to avoid it.

On the 45th day

If you haven’t cleared your payment even after receiving two reminders from the bank, the bank will start taking it seriously. If you are still not thinking about repayment then foreclosure is closing in on you. The loan modification inspector will send you a written statement regarding the matter and also provide you information on how to avoid the foreclosure. If you wish to save your property and stay in the same house then you must take necessary steps. If the house goes into foreclosure, you might have to leave your house.