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Have you missed your house payment?
Haven't missed a house payment yet, but afraid you might?
Has your financial situation changed due to a mortgage payment increase, loss of job, divorce, medical expenses, increase in taxes or other reasons?
- Have you recently lost your job?
- Are you borrowing from one credit card to pay another?
- Is your credit card debt becoming unmanageable?
- Are you using your credit cards to buy groceries?
- Is it becoming difficult to pay all your monthly bills on time?
If it’s becoming harder to make your house payment each month:
Few people think they will lose their home, they think they have more time. Here's how it happens. Note: Timeline varies by state.
- First month missed payment – Your lender will contact you by letter or phone. This is the time to begin action; a housing counselor can help.
- Second month missed payment – At this point, the lender is likely to call you to discuss why you have not made your payments. I know it is not easy, but it is important that you take their phone calls. They can be very understanding and may be able to offer temporary solutions. Talk to your lender and explain your situation and what you are trying to do to resolve it. At this time, you still may be able to make one payment to prevent yourself from falling three months behind. You should contact a Housing Counselor, if you haven't already.
- Third month missed payment – If you miss a third payment, you will receive a letter from you lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a "Demand Letter" or "Notice to Accelerate". If you do not pay the specified amount or make some type of arrangements by the given date, the lender may choose to begin foreclosure proceedings. It is unlikely they will accept less than the total due without prior arrangements being made prior to receipt of this letter. You may still have time to work something out with your lender. A housing counselor can still help.
- Fourth month missed payment – Now you are nearing the end of time allowed in your Demand or Notice to Accelerate Letter. If you have not paid the full amount or worked out arrangements with the lender when the 30 days ends, you will be referred to your lender's attorneys. Be aware that you will incur all attorney fees as part of your delinquency. A housing counselor can still help you.
- Sheriff's or Public Trustee's Sale – The lender's attorney will schedule a Sale. This is the actual day of foreclosure. You may be notified of the date by mail, a notice may be taped to your door, and the sale may be advertised in a local paper. The time between the Demand or Notice to Accelerate Letter and the actual Sale varies by state. In some states it can be as quick as 2-3 months. This is not the move-out date, but the end is near. You have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees.
- Redemption Period – after the sale date, you may enter a redemption period*. You will be notified of your time frame on the same notice that your state uses for your Sheriff's or Public Trustee's Sale.
*Redemption is a period after your home has already been sold at the foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.
Important: Stay in contact with your lender and get assistance as early as possible. All dates are estimated, and vary according to your state and your mortgage company. | 
- NUMBER1EXPERT™ 
