How Soon Can a Mortgage Company Foreclose?
A mortgage company can foreclose as soon as 30 days after the account is past due, but most mortgage companies will wait up to 90 days to begin the foreclosure process. Learn more about foreclosures by a mortgage company with advice from an experienced mortgage broker in this free video on personal finance.
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Hi, my name is Matt, I'm with Innovative Financial Group. I had a question post today, "how soon can a lender foreclose on a mortgage?" Let's face it, we're, we're in tough economic times right now and there's a lot of people that are hurting, they've lost their jobs or they've had cuts in pay, or perhaps they may be in an adjustable rate loan that has just adjusted and they're having difficulty making payments. Per your note and mortgage that you signed when you purchased your home, literally the bank can start a foreclosure proceeding once your account goes thirty days past due. That means just one month behind. The trend right now, is the banks are not wanting to foreclose on people, if at all possible. On average, usually the foreclosure process really doesn't start until someone falls about, you know, thirty, sixty, probably about sixty or ninety days late, that's two to three payments delinquent. My best recommendation, is that if you are having difficulties on your loan, contact your bank, let them know what's going on, let them know you're having a financial hardship. There is a big drive right now for the banks to modify mortgages to prevent foreclosures in this country. The last thing you want to do is disregard their calls, disregard their letters, but do keep in touch with the collections department of your bank and prevent that foreclosure from happening. Thanks for asking the question, my name is Matt McKillen with Innovative Financial Group.