Get The 411 On Missed Mortgage Payments

[caption id="attachment_9185" align="alignleft" width="350"] Don't Let This House Be Yours![/caption]

Ever wonder how many missed mortgage payments it takes for the bank to go down the foreclosure path? If you're an experienced home owner, than you should have a good idea of what to do (keyword being should). But if you're a new homeowner, you should read this article to prepare yourself for what to expect in the event your home is going to be foreclosed:

If you're struggling to keep up with your mortgage payments, you're probably wondering whether you're at risk for foreclosure. During the past several years, millions of American families have been forced to give up their homes as a result of the ongoing foreclosure crisis. Despite years of economic improvement and a massive government-led mortgage-stabilization effort, several million families continue to be in imminent danger of foreclosure. In other words, your situation isn't unique. If you can't afford to pay your mortgage, you'll need to know how many mortgage payments that you can miss before becoming eligible for foreclosure.

Unfortunately, the exact answer to this question depends upon a host of complicated factors. First, your mortgage lender's policies will have a significant impact on the length of the lag between your last mortgage payment and the initiation of foreclosure proceedings. Some lenders are far more lenient than others. For instance, mortgage initiators that primarily deal with low-risk homeowners tend to forgive the occasional missed payment. These lenders might permit you to miss four or more mortgage payments before referring you to your local housing authorities.

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