People sometimes worry about foreclosure, even if they are generally very good about paying their mortgage on time. If they miss a payment, they are worried that the bank is going to take the home that is so central to their family’s life.
The thing to remember is that banks typically do not want to foreclose on homes. Your mortgage lender does not want to own your house and is not waiting for you to miss a payment just so they can take it. They will give you a grace period. They will send you notices reminding you to pay and asking you to get caught up.
They are not going to start the foreclosure process instantly. After all, it could have been an innocent mistake, such as a check that got lost in the mail.
How long will it take?
Usually, lenders will not start the foreclosure process until there have been three or four consecutive missed payments. This means that you will generally have 90 to 120 days to make that missed payment.
For instance, some lenders will start the pre-foreclosure process after 90 days, meaning that you have missed payments three times in a row, and they will then move forward with an official foreclosure proceeding after 120 days.
Even at that point, it is not instantaneous. There are notices that must be provided, court dates to attend and other steps that have to happen before you are actually forced to leave your home.
On top of that, you may have options you can take to delay the process further. Filing for bankruptcy could put an automatic stay on your foreclosure case, pausing it until the bankruptcy concludes.
As such, if you do find yourself facing significant financial issues, such as the potential of foreclosure, it is crucial that you know exactly what legal options you have.
