Newsletter Signup
SmartAboutMoney.org -- National Endowment for Financial Education
search      go

 

Powered by all-inclusive Minneapolis web hosting services providers of Chicago

Here are 200 great ways to make fast cash for your pocket book

He is a great list of original websites which you can gain access to site builders

Financial Tip

Make an appointment with your lawyer to create or update your will.

 
home › economic survival tips › Housing & Mortgage › I Can't Pay My Mortgage and I'm Scared › What Happens if You Start Missing Mortgage Payment

What Happens if You Start Missing mortgage Payments?

 

Here’s a typical timeline of what takes place when you miss a mortgage payment.

  • one month behind — a phone call or letter from the lender

  • two months behind — the lender phones to ask why you haven’t made payments

  • three months behind — the lender sends you a Demand Letter giving you 30 days to pay what you owe. At this point, if you don’t pay up or arrange an acceptable payment plan, the lender can begin foreclosure.

  • four or more months behind — your case is turned over to the lender’s attorneys and you pay all attorneys’ fees

A housing counselor can help you at any of these stages, but it’s best to respond promptly, and honestly, to all communications from the mortgage company. Meet all deadlines that the lender gives you and only make promises that you know you can keep.


You’ll get excellent guidance for how to communicate with your lender from Consumer Action. Also see the Consumer Action publication “Saving Your Home from Foreclosure.”
 

 

Participate in discussions, find answers and connect with others.

Join SAM Community
 
Previous Article    (4 of 8)    Next Article
login