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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Preventing Foreclosures. The Pre-forclosure Period. How Foreclosures Work. Investing in Foreclosures. Foreclosure Terms A-O. Foreclosure Terms P-S. Foreclosure Terms T-Z. Home Ownership Mortgage. Peter G. Miller is a contributing writer at Bankrate. Peter writes about mortgage rates and homebuying.
Edited By Suzanne De Vita. Edited by. Suzanne De Vita. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Share this page. Bankrate Logo Why you can trust Bankrate. Bankrate Logo Editorial Integrity. Key Principles We value your trust. Bankrate Logo Insurance Disclosure. What happens if I miss a mortgage payment? Read more From Peter G. Is a no-closing-cost refinance right for you? Mortgage rates crush it again, plunge to a new all-time low.
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Additionally, the lender may report your late payment to the credit bureaus, which can affect your credit score and stay on your credit report for up to seven years. This is a good opportunity to explain your situation; your lender may be able to put you on a plan to temporarily reduce or suspend your payment.
Check out the best accounts to help you save money and reach your financial goals! Your mortgage servicer will usually become increasingly aggressive about getting paid if you miss your second mortgage payment, but it gets even worse if you continue missing payments. Important: Are We in a Housing Bubble? A demand letter informs you of the amount you are delinquent and that you have 30 days to bring your mortgage current.
You could still have a chance to avoid foreclosure if you can make your payment or work something out with your lender.
After all legal work has been completed and the lender is legally allowed to foreclose on the home, the process will begin. The exact process will depend on the legal processes in your state. Visit United States Foreclosure Laws to find out more. After the specified time period, if you have not made your payments, a Notice of Sale will be recorded. The notice may be mailed to you, published in your local newspaper, posted on your home and also in a public place, such as the local courthouse.
Foreclosure is the last thing you want to happen to your home, but it can be relatively easy to get caught up in other expenses and even lose the home in a matter of months. Cynthia Measom contributed to the reporting for this article.
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