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