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If I Am Behind On My Mortgage Payments, Will They Take My Home?

By Bob Redtree

f I am behind in my mortgage payments will they take my home? Can foreclosure proceedings be stopped once started? Can I save my home from foreclosure ?

If you are behind in your mortgage payments there is a risk of having your home taken from you. Depending on the policies of the lender you are with, foreclosure proceedings can start when you are only 60 days behind. On average, most lenders will not begin foreclosure proceedings before 120 days. Once fore3closure proceedings have started you will be given a specific date in which you must either be current with the mortgage or evacuate the premises.

Can foreclosure proceedings be stopped once started?

The foreclosure process is not final until the court stamps the case close. At any time before that happens you have the ability to save your home. There are only two ways that you can save your home at that point. The first is by bringing the mortgage current. This is probably a very hard thing to do in these economic times. The second, and probably most helpful, thing you can do is apply for a loan modification. When you apply for a loan modification the foreclosure proceeds will halt until a determination is made about the loan modification. If you are approved, your loan will be modified to a reasonable monthly payment and your loan will be current again. Once the loan is current again you will no longer need to be in foreclosure proceedings.

Can I save my home from foreclosure?

There is always hope until the case is closed by the court. If you are unable to make the payments current or refinance by regular means, apply for a loan modification. While loan modifications are not guaranteed, in light of the current housing situation, many are being granted. If you receive a modification it will bring your mortgage into the current status again and get you immediately out of foreclosure.

Related posts:

1. What Happens When A Bank Forecloses On A Mortgage?
2. Will They Foreclose On My House If I Am Late On My Mortgage?
3. What Is Mortgage Modification?
4. If I Am Behind On My Mortgage Payments, Will They Take My Home?
5. Can A Mortgage Rate Home Modification Stop Foreclosure?