How many monthly payments do you have to miss before the mortgage lender attempts to Foreclose on a home?

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The answer that was given was either misleading, uninformed or confused. The Mortgage Industury, which supports flipping of houses, has changed the law on the Federal level where they can take your home with one missed payment. I do not who this ‘expert’ is.

I lived through it with National City Bank. I missed one (singular payment. Although their ‘Loss Mitigation Dept’ try to work with me, the repayment to get back on track was $ 1,000, next month $ 4000 and the next $ 9,000. In the meantime they hired a foreclosure attorney which sent me threatening letters, but years end, the so-called amount to right the loan was $ 64 thousand dollars.

You see, in West Jordan Utah, house prices skyrocketed from $ 130K to $ 350K. National City bought the home back from themselves for $ 108K. I had short sale offers as high as $ 122K. Instead I filed bankruptcy to stop the foreclosure on automatic stay. The Fed Bankruptcy Court let the house go in May 2004 to the NCM, profiteering.

4 Comments
  1. Reply
    bostonianinmo
    January 19, 2011 at 10:04 pm

    There’s been no “change of law at the federal level” regarding foreclosures. A foreclosure is a local issue subject strictly to state laws. Generally they can start the process after one missed payment though most will wait for 2 or 3 at least.

  2. Reply
    R3D3
    January 19, 2011 at 10:23 pm

    Legally a lender can start foreclosure 1 DAY after a payment is missed. Most wait until 2 or 3 payments are missed but they are not required to.

  3. Reply
    Rick
    January 19, 2011 at 11:20 pm

    Oh the banks want your home bad even if it sits empty for years they don’t care as long as your not in it. I went thought this years ago and that is what they told me. Best not to even talk to them as you will end up with a break down. Just do your best with the payments and if you see your getting to far behind, leave and find some place cheaper. The bank will sit you out on the street and not blink an eye. They don’t care these days or any days for that matter.

  4. Reply
    Gene and Allum
    January 19, 2011 at 11:42 pm

    Foreclosure proceedings will begin normally when you miss the 4th payment. It depends on the state you live in. However, if you read the mortgage and/or the mortgage NOTE, it states that the lender has the right to take make you pay the full delinquent amount.

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