Gram, Home Owner in Cortlandt Manor, NY

how far behind with your mortgage do you have to be before forclosure?

Asked by Gram, Cortlandt Manor, NY Mon Dec 26, 2011

how far behind in my mortgage payment do I have to be before forclosure happens

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Read your mortgage and see what it says. It cannot start any sooner. Depending upon the bank or mortgage holder, it could be later, sometimes surprisignly late. But it will not be sooner than whatever is written in the mortgage.
0 votes Thank Flag Link Mon Dec 26, 2011
Gram,

Talk to the lender ( someyime they will do a loan modification) , talk to HUD ( they have several programs that may help your situation), and talk to a lawyer sepecializing in Real Estate. NEVER RELY on hear say.

Ashort sale is an option as well contact me if you would like to know more about what a short sale is.

I hope this helps.

Warmest regards,
Joni van Stavern
Century 21 Dallow
917-202-7476
I promise alot and deliver even more......
http://www.dallow.com
0 votes Thank Flag Link Mon Dec 26, 2011
If you are in such a situation consider protecting yourself by consulting with an attorney who specializes in real estate; if you cannot afford one, contact the local Legal Aid Society, for a pro bono attorney, free; is a mortgage modification, or short sale an option. As for how far behind, much will depend on the lender, the courts, etc.
0 votes Thank Flag Link Mon Dec 26, 2011
Hi, typically after 2 months of missing payments you are considered to be in default and the actual foreclosure proceedings begin at 4 months. NY is one of the states that used to take up to a year to foreclose now you are looking at about 2 years, thanks to the banks being back logged.

Chris
0 votes Thank Flag Link Mon Dec 26, 2011
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