If I'am 1 payment behind is there a chance they could foreclose? Thanks

Asked by Dan Pfeiffer, woodride,illinois Sat Oct 6, 2007

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Perry Hender…, Agent, Austin, TX
Tue Oct 9, 2007
Late payments kills the credit score and makes it harder to refi down the road.
1 vote
Tony Flores, , 78023
Mon Oct 8, 2007
Review the terms of your loan agreement. . It varys by lender. Banks typically are lienient if it is only 1 month. Owner finance loans may not be as lienient.
1 vote
J Lo, Home Buyer, California Glory, Brentwood, CA
Sat Oct 6, 2007
No - but catch up quickly. It happens in the blink of an eye and you don't want to know how that one feels. Get a good strict budget and in the next 30 days bring it to date.
1 vote
Diane Glander, Agent, Spring Lake, NJ
Sat Oct 6, 2007
Most likely not, but your original note would be a good place to start looking. Definately call your lender. Sometimes they will make payment arrangements with you to get you caught up--1/3 additional for 3 months or something along those lines. the thing is that your credit is really taking a hit every month you are 30 days late, not to mention the late fees you are accruing.
Call your lender asap. Good luck.
Web Reference:  http://www.dianeglander.com
1 vote
The Hagley G…, Agent, Pleasanton, CA
Sat Oct 6, 2007
They could foreclose that early, but in my experience, it seems to take three months of missed payments before the serve a notice of default. By the scond missed payment, the phone calls from your lender will definitely be heating up. They may call you and try to work out a special plan to help you make payments.
Web Reference:  http://www.cindihagley.com
1 vote
Martycarrill…, Home Buyer, Woodridge, IL
Wed Aug 30, 2017
if in behind pne payment can the bank foreclosure
0 votes
Greg Zaccagni, , Illinois
Sat Aug 9, 2008
Here are a couple more articles on dealing for your consideration:
Avoiding Foreclosure:
Home Equity & Home Foreclosure
0 votes
Lisa Schade, Agent, Libertyville, IL
Sun Jul 27, 2008
Hi Dan-
Not usually, but it depends on how many times you've been one payment behind, or how many times you've asked for assistance during the life of your loan. If this is the first time. Not usually. They are willing to work with clientst hat are willing to work with them and ask for help.
0 votes
Richard M. J…, , Sherman Oaks, CA
Tue Oct 16, 2007
Hi Dan, I would stronly doubt but it may depend on the rules of your city/state. I suggest you contact a Realtor or real estate attorney for advice in your area. Good luck.
0 votes
Deborah Madey, Agent, Brick, NJ
Tue Oct 16, 2007
Every state has different laws and lenders have different policies. While the late payment may ding your credit, it is unlikely a foreclsure process will be initiated that soon. You may get a notice of intent to file for foreclosure after one payment is missed, and a short time to bring it current or work out arrangements.
0 votes
Greg Zaccagni, , Illinois
Tue Oct 16, 2007
That's called a 1x30 in mortgage lending. In most cases if you are working to catch up be certain you can continue making timely payments going forward b/4 you do. A rolling 1x30 is less detrimential to your credit report than seperate mortgage lates. Non-prime lenders will generally look at 12 months payment history and prime "A" loans will look at 24 months so any mortgage lates will stay with you for a while. Let me know if I can help you further. Greg Zaccagni
0 votes
ian cockburn, Agent, New Orleans, LA
Sat Oct 6, 2007
I doubt it..call the mortgage company asap...talk to them and explain your situation..try and make a payment plan if you can. Send a little money if possible...sending some is better than none at all and it shows a good faith effort.
Web Reference:  http://www.iansellsnola.com
0 votes
Ute Ferdig, Agent, Newcastle, CA
Sat Oct 6, 2007
Hello Dan. I don't know what the foreclosure procedures are in your state (where is Woodridge?). In CA, the lender can consider you in default even if you are just a day late, but they won't file a notice of default unless you are behind at least 30 days. These days, most lenders will not act so quickly because they are overwhelmed by the # of late payments. In essence, the lenders do not act as quickly as they could under the law. We have non-judicial foreclosures in CA, which means that the foreclosure process takes place outside the court system. Theoretically, in CA a trustee sale could occur on day 121 after the notice of default was recorded, but we don't see this happening right now. In summary, there is the law and then there is reality.

The farther you get behind, the less likely it is that you'll be able to cure the default. My recommendation is to seek help a.s.a.p. Don't be in denial and hope that nothing will happen. The sooner you get help, the better. The worst thing you can do is ignore the situation. It doesn't look like you are ignoring it since you came here asking for advice. Contact your lender's loss mitigation department. Many borrowers are afraid of making that phone call because they think that the lender will not work with them or because they think that if they call the lender will know that they are behind and start foreclosure procedures right away. The truth is that the lenders do not want to have to foreclose because it costs them a lot of money. They also do not want to have to take the property back because that affects their ability to make new loans as they have to have much higher reserves when they take properties back than when they make new loans.

When you deal with the lender, stay calm and be nice. You don't want to burn your bridges. If you don't feel up to the task, seek the help through someone like Heidi. You'll have to sign a letter of authorization as the lenders will not talk to third parties about your loan unless you have authorized it in writing.

Wishing you the very best of luck,
Ute Ferdig
Web Reference:  http://www.go2kw.com
0 votes
Bill Wahl, C…, , Lombard, IL
Sat Oct 6, 2007
Hi Dan,

At this point the chance is there, but that's depends on what you do. As Sylvia and Heidi have stated, it takes more than 1 missed payment.

You should call your lender (ASAP) and talk to them and see what they are willing to do as far as a plan to help you get payments back on track.

Work with the lender to correct the problem and don't miss anymore payments, then the threat is over.
Web Reference:  http://www.JustCallWahl.com
0 votes
Jeff & Heidi, , Rockford, IL
Sat Oct 6, 2007
Hello Dan,
It usually takes 3 months of non payments for a lender to start the foreclosure process. The lender will hit you with fees and late penalties. Once the foreclosure process starts you will also get their legal fees tacked on. If you don't think you can catch up, you may want to look into getting help to refinance or sell. Let me know if you have any other questions. I am a licensed loss mitigation consultant and specialize in helping people out of foreclosure situations.
0 votes
Sylvia Barry,…, Agent, Marin, CA
Sat Oct 6, 2007
Hi Dan:

I don't know about Illinois, but in california, there is a set procedures and very strict timeline before they can foreclose on your house; it takes more than missing one payment.

However, this can not be taken easily. If you are one payment behind, and if you are able to, you should call them, explain, hurry up and repay that so your credit will not be affected. If you can not make that payment and future payments for some unforseen reasons, such as hardship - lost of a job, illness, etc - you should also hurry up and talk to your ledner and see if they can make other arrangement to help you through this difficult period.

The lenders would rather work with their borrowers rhan to foreclose on a house as that can be a very expensive process; and for you, if you can work this out with the lender, it's much better than being foreclosed on or have your credit destroyed.

Time is of essence here.

0 votes
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