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Q&A: Foreclosure time after missed payments

By Blog Answers at 01/12/09 11:16

On 11/19/08 12:50, arden greenlaw asked the following question:

how long would it take for my home to go to foreclosure after i stop making payments.

Answer #1 On 01/12/09 11:10, ##PRclass-Elaine_7-Elaine (7) from ##PR answered:

The length of the foreclosure process depends almost entirely on laws of your state. If you are in danger of missing more than one mortgage payment you should look up the specific laws of your state here.

Mortgage companies in general will start the foreclosure process about 3-6 months after the first missed payment. However they may start it after the loan is technically in default (once the payment is 30 days late). Most lenders understand that homeowners face short-term financial difficulties and if you keep in contact with the bank, update them on your situation, work out a repayment plan or inform them that you are trying to sell they may postpone the actual foreclosure filing for a number of months.

However if you do not communicate with your lender, do not explain why you've missed you payment or ignore their calls and letters then the foreclosure process may begin much earlier and be carried out with haste.

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