How Many Missed Mortgage Payments Will Send a Homeowner Into Foreclosure?

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Technically, the moment a homeowner misses one mortgage payment, the underlying mortgage goes into default. Nevertheless, there are certain federal regulations under RESPA (The Real Estate Settlement Procedures Act of 1974) Regulation X which prohibit the lender from filing a foreclosure lawsuit until you are at least 120 days in arears (which typically amounts to four consecutive missed payments). If you find yourself in default, your lender will initially attempt to contact you to resolve the default, and by the 45th day after a missed payment the lender must send written correspondence with information regarding your options. Keep in mind that foreclosure practices can vary greatly between one lender and another. Some lenders may be more lenient and understanding of hardship, especially if that particular lender has more low-risk loans. Other lenders, however, will begin the foreclosure process as soon as allowed by law, even if you yourself are a low-risk borrower. No matter what type of lender you are working with, it's always advisable to communicate with your lender and see if they are willing to work with you to catch up on missed payments.

Main Takeaways
  • Lenders generally won't file a foreclosure action until you are at least 120 days in arears on your mortgage payments
  • Different lenders have different foreclosure approaches - some are more willing to work with you, others not so much
  • You will not be caught by surprise with a foreclosure action -- the lender must notify you in writing of your options before you go into foreclosure
  • Keep lines of communication open with your lender to see if you can arrive at a resolution before foreclosure

What should you do if you missed a few mortgage payments and are facing foreclosure?

At The Law Center, we represent many homeowners who have missed their mortgage payments and are trying to avoid foreclosure. If you are at risk of going into foreclosure, it's important to have a competent and aggressive attorney in your corner. At The Law Center, we are a team of specialists that are passionate about foreclosure defense and helping homeowners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your home, let The Law Center help you defend it.

Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815

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Disclaimer – The Law Center, LLC is not a debt collector and is not affiliated with your mortgage lender, service or any government entity. The attorney responsible for the content of this advertisement is IL Attorney B. Fard. Nothing on this website is to be construed as a guarantee or prediction of result. No recipient of content from this site, client, whether current or otherwise, should act or refrain from acting based on information at this site. Any and all information on this website is not intended to, nor does it, constitute or establish an attorney-client relationship.