How Delinquent can I be Before My Mortgage Company Forecloses?

Our firm continually answers questions regarding Florida foreclosure and the foreclosure process. One is “how delinquent in one’s payments can they be before the bank or lender begins foreclosing on their home?” For all practical purposes, the tentative answer is “it all depends.” If the bank or lender chooses to do so, they can legally start the foreclosure process one day after the “late payment due date,” which can be 10 to 15 days after the actual due date.

However, most mortgage lenders will not begin the process until you are at least 90 days delinquent. In reality, the lender would always prefer seeing that you get current on your payments due to the expenses of the Florida foreclosure process and starting the filing process. What most individuals do not realize is that mortgages are purchased and sold like commodities. So it makes sense that a delinquent loan carries a lot less value to the lender than one that is current or performing well.

Once your payment becomes delinquent, a representative from the lending company will usually call you with a friendly reminder that your payment has not yet been received. They will also ask you when they can expect your payment. DO NOT IGNORE THEIR CALLS. That would be your first critical mistake as you need to maintain continual contact if you want the lender to work with you in order to avoid foreclosure. Maintaining contact with your lender will typically result in them working with you so that you can get current.

Be careful whenever you are talking with a company representative and remember that the phone conversation is probably being recorded. One precaution is to never make a promise to pay that you cannot keep. Additionally, should the representative become intimidating or even rude, don’t be afraid to ask to speak with another representative or talk with their supervisor regarding your situation and their conduct on the phone with you. Remember that as a debtor, you have rights under the law to protect you from abusive or harassing collection practices.

Finally, under no circumstances should you ever agree to have them automatically take your monthly payments from your checking and/or debit card account. If that company representative ever suggests that course of action or asks you to do it, you should tell them that you will not make the decision unless you have spoken with your attorney. We recommend that you call our firm – Clark & Washington – for assistance immediately.