Your lender isn’t likely to make it very clear on how many missed payments it will take before they foreclose on the property. While there are minimum requirements that prevent your lender from foreclosing on your property too quickly, the timeline varies depending on a variety of factors. Many homeowners did not know how many missed payments before foreclosure by their bank and because of this limited knowledge, many have loose their home to a foreclosure sale.
You can have 5 missed payments before foreclosure if your lender accelerates the process to comply with the California laws. This is rarely the case, and most times the foreclosure timeline takes between 6 to 9 months, but can take even longer if the homeowner if making an effort to save the home. There are different legal options for saving the property available depending on how far into the foreclosure process you already are.
Most people are aware that filing for bankruptcy can stop foreclosure, but most are hesitant to file because they think it will harm their credit. The truth is, that missing mortgage payments and foreclosure can harm your credit score in more permanent ways than filing bankruptcy. Alternatively, you may legal grounds to sue your lender for wrongful foreclosure depending on your circumstances.
How to Get Caught Back Up
If you’re reading this article, you probably already know that your lender won’t accept incomplete payments once you’ve fallen behind. With the additional fees that they add on to your payments, it can be impossible for most homeowners to catch back up before the lender can foreclose. In order to catch back up, you would need to make a complete payment for all missed months plus any additional fees they’ve added to your loan amount. Filing for bankruptcy or suing your lender can force them to accept payments again.
Not all foreclosure defense options are the same, and not all strategies work in all situations. Our foreclosure attorneys will take the time to find out what your needs and goals are to develop a plan specifically for your situation. We will use every legal resource possible to help you accomplish the goal of saving your home from foreclosure.
Step 1: Call a Foreclosure Attorney
Our California foreclosure attorneys offer free legal consultations for homeowners that have fallen behind on their mortgage payments and are looking for ways to stop foreclosure. The legal team at our firm has proven to be one of the most successful when it comes to mortgage litigation in Los Angeles. Call today and speak with one of our foreclosure attorney.