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In most cases a lender will file a notace of default after 3 missed payments.
once you are 90 days down they can start with a foreclosure.
If it is not specified in the contract then it is likely at the descretion of the lender.
Its usually 3 months when the bank starts the paperwork and harrassing you to make payments
Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.
In most cases a lender will file a notace of default after 3 missed payments.
Yes. The mortgage requires you to make the FULL payment every month; failure to do so may result in foreclosure. However, in the United States (and probably in many other countries) most banks are willing to work with you to figure out a way for you to make the payments and keep your house. They'd rather have SOME money than to foreclose on the house and get nothing until the bank can finally sell it to someone else. If you can't make your house payments, then contact the bank and explain the problem.
once you are 90 days down they can start with a foreclosure.
If it is not specified in the contract then it is likely at the descretion of the lender.
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Its usually 3 months when the bank starts the paperwork and harrassing you to make payments
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One.
60 days
Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.
legally: ONE Banks like to try to get you to pay up and continue on but can foreclose as soon as the first payment is late.
Not sure the case in Oregon, but usually after 3 missed payments, the foreclosure proceedings start.