How long is it..?
Answer:
It may vary by lender. If you think you may fall behind in your mortgage payments, call the lender and explain your situation. Your loan agreement could be "modified" so that it will be easier for you to stay current. (i.e., changing an adjustable rate mortgage to a fixed rate mortgage)
I believe it is 3 months. If you are behind in all your debts, plus your mortgage, you could file bankruptcy immediately and you can keep your house as long as you have enough salary to pay the payments on it. If it is nearing 3 months, you would need to do something immediately because the lawyer would need to file papers with the court immediately so that the house doesn't foreclose in the meantime. I hope this helps and that things work out for you.
Your mortgage company must send you notification. Probably after 3 months.
Usually three months. Some places four. At least that's how it works for vehicle reposession. And since it's the same idea, and probably the same banks, it's probably the same.
I believe you can only be behind on payments for three months. Try talking to like a debt consolidation organization. These are so much better than bankruptcy. Depending on where u live even if you file bankruptcy they can still hold u liable for the payments. Say if your house sold for 25, 000 but u owed 50,000 when the bank foreclosed they can make you pay that other 25,000 even though you dont have the house any more. At least that is how it is here in our state
3 months.. and the word is FORECLOSE. I'd advise not letting this happen. If you can't make your house payments.. it's time to sell and move into something cheaper even if if it's a 1 bedroom apartment. There can be nothing worse on your credit than a foreclosure.
If you are over your head in debt and that's why you can't make your house payment, talk to a lawyer (initial consultations are usually free) about filing a Chapter 13 Bankruptcy so you can keep your home.
The person above is wrong about using a Debt Consolidator or Consumer Credit service. it is much better to File a Ch 13 because you are protected by FEDERAL LAW. Using one of those services doesn't protect you from ANYTHING. They can still foreclose on your house and they can still trash your credit report. In the end you will have a bigger mess.
It can be as short as 2 months before they will start the process.
3months
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