What happens when you miss your first mortgage payment?

Other Consumer Finance and Foreclosure FAQs

• Q: How do creditors get paid when foreclosing on a house to satisfy unpaid debts?
  A: A foreclosure is where the creditor collects its lien by forcing a sale of the debtor's real property. The creditor receives the amount of the proceeds from the sale … More
• Q: Are you at risk of foreclosure?
  A: If your financial situation has changed for the worse, you may be worried that you might be at risk of foreclosure.  Have your finances changed due to a mortgage … More
• Q: When and why does foreclosure begin?
  A: Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender … More
• Q: What are unsecured debts and how does an unsecured creditor collect on a debt?
  A: An unsecured debt is a debt where there is no collateral. Unsecured debts include medical bills, credit cards, department store cards, personal loans, collection … More
• Q: What happens after you miss a second mortgage payment?
  A: After missing your second month of mortgage payments, if you haven't already been contacted by your lender, your lender will likely begin calling you to discuss … More
• Q: Which debts are most likely to be settled for less than payment-in-full?
  A: Most unsecured debts can be settled. An unsecured debt is a debt where there is no collateral. Unsecured debts include medical bills, credit cards, department store … More
• Q: What happens after a third month of missed mortgage payments?
  A: If you've missed three months of mortgage payments, you will likely receive a letter from you lender stating the amount you are delinquent, and that you have 30 days … More
• Q: Can unsecured debts be settled?
  A: An unsecured debt is a debt where there is no collateral. Unsecured debts include medical bills, credit cards, department store cards, personal loans, collection … More
• Q: What happens after a fourth month of missed mortgage payments?
  A: After missing four months of mortgage payments, you are likely nearing the end of time specified in your lender's Demand or Notice to Accelerate Letter. When the 30 … More
• Q: Will filing for bankruptcy stop collection efforts?
  A: This answer depends upon the type of creditor that is after you.  When filing for bankruptcy an “automatic stay” goes into effect.  The automatic … More