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Anyone have experience buying a house?

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idntonkw
Velociraptor
Velociraptor

Joined: 29 Apr 2020
Age: 39
Posts: 484
Location: Boston

13 Jul 2020, 12:55 am

kraftiekortie wrote:
That’s not true. Where did you hear that.

1 missed payment is very bad for your credit—but won’t cause foreclosure proceedings to commence. They usually start foreclosure proceedings after 3 missed payments. And the bank will usually work with you—especially in this time of COVID.


First missed payment - you get a notice to pay it plus a late fee.

Second missed payment - they can apply the clause in the mortgage agreement to escalate and demand full mortgage be paid in full.

Working with the lender - this may happen or not, depending on the lender and who the lender sold their 'servicing' responsibilities to. The 'servicer' makes a lot of money on a foreclosure by over-charging on the fees.