Many people have mortgage questions when they have fallen behind on their mortgage payments and are unsure where to find the answers and what to do. This article will answer some of these questions concerning mortgage payments being late up to the foreclosure of the home.
This tough economy has left millions unemployed and not able to make ends meet and foreclosures have sky rocketed as a result. Getting to the point of foreclosure can be a very stressful time and there are many questions during this period. One very common question is how long will it take for my home to be foreclosed on? Typically after 60 - 90 days you will receive a notice of default from your lender stating the intent to accelerate. The next step the lender will take is to hand this over to an attorney to start the foreclosure process. At this point serious legal fees on top of the late fees are being added to the amount currently owed.
Once an attorney has become involved you have lost the option to deal directly with the lender and all communication must go through the attorney's office. While this might seem at this time that all hope is lost there is still time. People generally ask what we can do to keep our home. The answer to this is very straight forward, do not ignore the letter you Mortgagequestions from the attorney and immediately start a dialogue. Keep in mind that lenders do not want to foreclose on you; they do not make their money by being home owners.
Once you are speaking with the attorney they will advise you on what you need to do to have your mortgage reinstated with the lender. What will need to happen is the mortgagee will need to send either a cashier's check, money order, or certified check in the amount of all past due mortgage payments, late fees, and legal fees incurred up to this point within a specified time frame that the lender has stated through the attorney. Your mortgage will be reinstated and you are now current.
What happens if you can't bring your mortgage current? Unfortunately this is a question that millions have had to find the answer out the hard way. The lender will then take the steps to repossess your home. The foreclosure will be publicly announced and a foreclosure auction will take place. All sales proceedings will be used to satisfy the mortgage debt and if it is less than what is actually owed the lender may file a judgment for the deficient amount or may waive the amount.
The key message here is before you start asking yourself these mortgage questions, contact your lender when you know you will miss the first mortgage payment. There are options available to you and your lender will certainly be happy to work with you at this point.