When you first miss a payment on your mortgage, you may feel incredibly anxious about the prospect of foreclosure. Although missing payments does mean that foreclosure proceedings could be imminent, speaking with a skilled foreclosure defense attorney may decrease the risk of losing your home – or at least give you time to find alternative solutions. There are also other factors that will determine when the foreclosure process begins, as this isn’t always cut-and-dried for every loan servicer.
At the Buchalter Law Group, we help our clients defend against foreclosure, by providing the fast, experienced, and thorough counsel that they need. With more than 35 years of combined experience and a reputation for compassionate, dedicated service, our Brevard County foreclosure lawyers are committed to helping you find a positive solution in lieu of foreclosure.
Missed Payments and Other Factors for Foreclosure
Making your mortgage payments every month is crucial to avoiding foreclosure, and for some loan servicers, even missing a single payment will raise red flags. The majority of homeowners will only be able to miss a total of 2 payments before they’re considered to be “in default” on the mortgage, and as soon as you miss 4 payments or pass 120 days overdue, your loan servicer can legally choose to begin the foreclosure process.
However, it’s important to note that these kinds of deadlines are baseline legal restrictions and industry-wide averages. In some cases, the foreclosure process could be slowed by external factors like an influx of foreclosures in your area, or by a drop in the local housing market. It can also depend heavily on your specific loan servicer’s policy. This is why it’s important to carefully review the terms of your mortgage with a lawyer, especially once you first start missing payments.
Additionally, lenders will often offer a 15-day grace period after your first missed payment, wherein you can send payment without being considered delinquent. If you’re not sure about the grace period, confirm the details with your loan servicer directly.
Act Quickly to Prevent Foreclosure
Of course, if you’re dealing with a serious financial crisis that prevents you from making your next mortgage payments, you need to act quickly before the 4 month pre-foreclosure period ends. Exploring all the options promptly will prevent your home from automatically falling to foreclosure – and increase the chance that your servicer will consider alternatives like mortgage modification or a short sale.
You should also speak to a foreclosure defense attorney as quickly as possible. Call the Buchalter Law Group today at (321) 320-6088 for assistance in Brevard County and surrounding areas!