How Late on a Mortgage Payment Before Foreclosure Proceeding Starts?
One of the main questions is how late can you be on your mortgage before you enter into foreclosure. There really is no simple answer as it is dependent on your state and the terms of your mortgage agreement. However in general you can normally expect to enter into the foreclosure process after the third missed mortgage payment. Your credit will be affect after the first missed payment even if you are not yet starting the foreclosure process. Your credit will continue to worsen with every missed payment. That means that even with the best credit score you will be looking at a negative score once the foreclosure goes through. One of the best things that you can do if you are in a situation where you don’t think you are going to be able to make your mortgage payment is to talk to your mortgage lender right away. It is a common reflex to avoid the mortgage company; however that may be the worst mistake. A foreclosure costs mortgage companies thousands of dollars that is nearly impossible
