Its Time to File for Foreclosure

Once you are 30 days past due on your payments, the mortgage company usually will not accept the past due payment without the one that is currently due. They usually will not accept anything less and will send back partial payments. In other words, after you get behind, it starts snowballing, making it difficult to get caught up. If you are many months past due, you can see how the task of getting caught up can be overwhelming.

Typically, a foreclosure notice is filed after three or four payments are missed. When you miss a first payment, it may not seem liked a big deal. However, by the second month, you may have even more problems struggling to make up the payment you missed to begin with. It can get even more difficult to catch up once you default on the first payment.

The loss of your job or reduction in the number of hours you usually work can negatively impact your income. If you are facing either a loss of job or a reduction in your income, your financial condition will be affected and you may not be able to make timely payments on your mortgage. When you are unable to make at least four mortgage payments, this is the number one sign that your bank or mortgage company will be ready to foreclose on your home.

In conclusion, no matter what is going on in Congress, with the Wall Street Bailout, or anything else, the banks are still and will still be trying to foreclose your home if you have been having problems making your payments. This is why it is extremely important to keep up on your payments.