How many days late on my mortgage until I’m in really deep S**t?
by Mortgage Rates on Saturday, October 2nd, 2010 | 5 Comments
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Depends on the state and the mortgage company, but 90 days is usually the breaking point.
I guess that when it comes to a loan repayment anything more than on time will end up getting you into problems eventually.
I mean some lenders will let a day or 7 go by without saying anything, others will allow a couple of weeks but they all have a way of making a note that you have made late repayments and these notes can cause you stress if/when you try to get loans for anything in the future.
So the best bet is to always pay on time and if possible pay a little bit extra each week/fortnight/month just in case you have problems in the future making a payment. This will also save you interest in the long run.
Depends on your state laws and the actual mortgage that you signed, but typically, it takes at least 3 – 4 missed payments before foreclosure proceedings will start.
If you call your lender and ask for their ‘workout’ team, they will help you restructure your loan so that you won’t get foreclosed upon. Keeping in close contact with your lender is the key – they don’t really want to foreclose on your house – they make more money by servicing your loan than by taking it over and selling it. But if you don’t call them or they can’t get in touch with you, they have no other option.
Many banks let it ride for one month. If you have never asked for relief before, use it as a bargaining chip and ask for a two month relief because in past years you have never invoked it. You’d be surprised at how understanding they can be when you communicate with them AHEAD of time. Please call them.