Delinquent Mortgage payments

[strive2010]

I have fallen behind on my mortgage payments after losing my job. I am 2 payments behind and on the verge of being 3 behind but will be able to make a payment before the end of the grace period. I have been behind for the last 3 months in a row but have never fell behind with 3 late payments. I wanted to know how long will the mortgage company allow me to keep being 2 payments behind as long as I continue to make 1 payment each month but never go to 3 behind. They denied my loan modification and repayment plan request so I dont know what other alternatives I have. The good news is that I should be back to work by the end of the month and Im hoping to catch up. Im just worried about going into foreclosure if I continue to be 2 payments behind. Any advice is greatly appreciated thanks.

[tripletmom]

Whatever you do, don't become later than two payments.  They may not accept your single month payment and require the entire balance be paid before they accept.

[strive2010]

Do you know how long they will continue to let me be 2 payments behind? I plan to catch up ASAP but Im also very nervous about how long they will allow me to just make 1 payment. Cause its like I can keep up with 1 payment monthly but I just can not catch up on the past due payments.

[tooleman694]

Probably forever.

Bank is not gonna take the house away from someone that is paying even if it is slow. Just dont get a year behind.

[StartingOver10]

---

@tripletmom wrote:

Whatever you do, don't become later than two payments.  They may not accept your single month payment and require the entire balance be paid before they accept.

---

+100

You are already treading on very thin ice. If you can't catch up, then consider selling your home. 

Is your payment affordable otherwise? Are rents higher than your mortgage payment? If so, then consider a roommate - or selling anything not nailed down (extra items around the house).

I'm not trying to panic you, but you are in default now. Some lenders move faster than others to put you into foreclosure. 90 days is definitely the drop dead date where you cross into "no going back" territory. Do everything you can to catch up now so you don't lose your house.

[tooleman694]

How do you know they are in default?

The bank has to send a letter stating this, and even then you have options to catch up.

[StartingOver10]

If you read the note and mortgage it will describe the default conditions.

In no note and mortgage that I have read (and I have read hundred and hundreds - more than 1000 of them) there is no instance where a default is not incurred after non-payment for 60 days. That is what the OP said - they haven't paid for more than 60 days.

To be absolutely correct, the OP needs to read his note and mortgage so he is not caught unaware. His servicer has already turned him down for a modification. He can try again, but he needs to be well aware of the timelines so he doesn't find himself in a spot from which he can't recover. It happens quickly. I'm a Realtor and most of the short sale clients I work with were "surprised" by getting served after 90 days.

[Anonymous]

I was served a notice of default after only being 30 days late. So I agree that the OP needs to go back and read her note because each bank is different.

What I will say is is that this is the time when you need to keep open communication with your lender. The MINUTE I knew I would be late I called and explained what was going on. I called regularly to let them know when I could catch up and I was caught up the week after I was marked 30 days late.

Things happen, but I think its always best to keep an open dialogue with your mortgage company rather than avoid calls and letters.

[tooleman694]

After only 30 days?

No wonder this country and the banks are in the trouble they are.

[strive2010]

The payments are affordable its just that I can not catch up to the ones I missed. I had to wait until unemployement benefits kicked in and that made me fall behind when I wasnt recieving any income. This is why I am always just 2payments behind now cause I can keep up but cant really catch up. The bank is Wells Fargo and they told me I am not in default yet and they have not sent any demand letters or started foreclosure because I was going through the modification process. But when the loan modification was denied the preservation specialist told me not to ever fall behind 3 payments, which I don't ever plan to but I didnt plan to be in this scenario in the first place. I was just hoping I would be allowed to catch up after being 2 payments behind in about 2-3 months when I am back fully employed with extra money.