Im behind on my payments, how long until the bank forecloses on my home?
Most notes (the I Owe You document that you signed with the bank when you first qualified for your loan) give the bank the right to file the foreclosure notice or the notice of default as soon as you are 30 days behind on your mortgage. While the bank has the right to file the foreclosure notice or set the trustee sale date (the date your home will be foreclosed on) as little as 30 days after you miss your mortgage payment, they often will not do so until you are 90 days or more behind on your payments. The bank has the sole discretion on when they want to file the sale date and all banks make this decision differently and within different time parameters. Recently many banks have elected to hold a foreclosure moratorium (suspension or freeze of filing foreclosure notices) therefore greatly affecting at what stage they file the foreclosure notice. When the official foreclosure notice is filed (whether it is filed after you miss 1 mortgage payment or 3 mortgage payments), there is a 91
