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At the discretion of the lender, a house can be foreclosed after a period of missing payments.

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โˆ™ 2011-02-21 02:55:26
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Q: Does a house go into foreclosure for lack of homeowner payments?
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Yes, possibly. You can buy a house for cash from savings or investment with no income at all, and then keep it as long as you can make the tax payments and other assessments. If your lack of income is "probably temporary" (like you're in prison for a short period, or "between jobs", or "in graduate school"), you may still qualify for a loan. If you cannot afford to pay the interest on a loan to purchase a house, then it is a really bad idea to consider buying a house. You will fail to make the payments and it will be taken away.

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