Sunday, September 30, 2012

Can Banks Foreclose Over Two Missed Mortgage Payments?

Question: My bank is threatening me with foreclosure over two missed payments. We have been in contact with them to try to work it out but we got nowhere. Can they start foreclosure over two missed payments? They told me that they would not accept any more payments unless we paid the full amount of missed payments.

Response: The bank likes to threaten a lot but their words are often empty threats. In order to start foreclosure, they first have to send a notice of missed payment(s) and the amount due and 90-day letter stating that if balance is not paid, they can start foreclosure. Until you get this letter(s), foreclosure process cannot begin and if it does, it is defective. Whether you can get a loan modification depends on the bank/servicer. You can go on MakingHomeAffordable website to see which servicers participate in HAMP. If you get a loan modification, your missed payments will be added to unpaid principal balance and you won't even feel them in your payments over the years. It may be too soon though to discuss a loan modification since banks generally wait until three missed payments.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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