Say, no payments made from June 2007, how many months of non-payment before the mortgage company takes action. And, what actions are taken? Do they file a notice to the homeowner? Is it Public Notice that everyone can see, and where is it posted?
Repossession
Related articles:
- Can I find these repossession homes before they are taken away by the mortgage company? How? How do I find properties that are about to be taken away by repossession from the Mortgage Company before it happens? Is there a legal process that must be...
- House Repossession, how many months do they give you to pay your mortgage? I’ve just found out my sister and her husband haven’t payed there mortgage for 3 months now, does anybody know how many months till it will be repossed if...
- How To Avoid Home Repossession Over the previous 12 months, home repossession in the UK has risen to an all time high, due to the global recession. The population of the UK has an...
{ 4 comments… read them below or add one }
1 month and they start the proses
No its not a public notice. I was 8 months behind on my payments and the first action taken was letter of default plus late payment charges. Next was court (after about 5 months) and a warrant of execution for repossession. Court delayed giving me time to sell or pay off mortgage company. But at the end of the day i suppose it depends on the lender.
3 months then your house goes into “foreclosure.” Pay that mortgage ASAP. Your home is on the line. Don’t think about filing for a “Chapter 11,” because you will have to pay the money you owe and you will not be able to get ANY LONES from any bank, and your credit score is going to be low. By not paying your martgage, your credit score has dropped a lot.
SO, PAY THAT MORTAGE ASAP, or lose your house that you worked so hard to get.
I believe it is 3-4 months however any month that you are not paying your mortgage will hurt your credit score an inturn hinder your ability to get other loans such as car or educational (college). If you are looking to refinance check out the first month of your new mortgage will be payed through closing and we be able to get you in to a lower interest rate and clear up your debts. Best of luck.