Question

How many mortgage payments can you miss?

When buying a home through a home mortgage how many mortgage payments can you miss before the house is foreclosed on?

Answer 1

The bank who you have the mortgage with may have their own terms and conditions and state when you get foreclosed on after so many missed payments.

However the standard procedure for most banks who you take a mortgage out with states that you can have no more than 3 missed mortgage payments before a foreclosure process begins.

During the foreclosure process you can usually stop the foreclosure by paying the back missed mortgage payments.

If you're having trouble making the mortgage payments speak with the bank and let them know and maybe you can even refinance the mortgage and have a lower payment.

For example if you have a 15 year mortgage then your monthly mortgage payment will usually be higher but if you refinance to a 30 year mortgage then your payments can be lower however you'll pay more in interest over the life of 30 year mortgage than you would on a 15 year mortgage.

But if the 30 year mortgage when refinanced helps you stay in your home by making the mortgage payments more easy to manage then it can be worth it.

Answer 2

My 30 year mortgage terms state that after the third missed payment on the mortgage than foreclosure process begins.

That doesn't mean I have to be out of the house at that time however I can still work with the bank and pay the back amount owed for the mortgage plus any late fees etc and stop the foreclosure process.

I was unable to make a mortgage payment once before in the 8 years I've so far had the mortgage and the bank worked with me and all I had to do was pay that months mortgage payment along with the next months mortgage payment on the next month and a late fee and I was able to keep the mortgage in good standing.

I had lost a job and had just started a new job and couldn't make the mortgage payment until I got paid again the next month.

If you're unable to make a mortgage payment then work with the bank and they'll likely work with you as well especially if you've been on time with your mortgage payment and this is your first time missing a mortgage payment.

Also even if you can make a partial mortgage payment before it's late then that will help somewhat to keep you from getting foreclosed on until you can get some more income.

Answer 3

Some banks allow 3 mortgage payments to be missed which is 90 days before foreclosure while others will allow you to miss 4 months of mortgage payments before foreclosure which is 120 days.

You should never let it get to the point of foreclosure as it will be hard to come up with the money needed to stop the foreclosure process and it will ruin your credit rating as well.

When your credit rating is ruined it will make it hard to even rent a house or apartment let alone get a new mortgage on another home somewhere else should you be foreclosed on and forced to move.