Wondering What the Bank Will Do Now that You're Three Months
Late with Your Mortgage Payments?
When a homeowner is 3 months payments behind in their
monthly payments to the bank, the bank has the right and
obligation to start a foreclosure proceeding. This is the
only way the bank can reclaim its asset – the house.
The bank has to go through this process to get the
homeowner's name off the deed and the banks' name on the
Landlords evict to remove an occupant from the house, banks
The bank really doesn’t want the house back. They are
in business to make money – not buy houses.
And they want
you to live in the house and take care of it as long as
possible. If you move out, vandals may break in, steal
the copper pipes, steal the AC unit and do even more damage,
costing the bank more money to get somebody else to live in
the house once the foreclosure process does get you out.
So you, even
though you've missed your payments, you should be staying in
the house. It's your house. If you can afford
the utility payments STAY IN YOUR
HOUSE. Stay there as long as possible so
nobody breaks in. And Save Your Money! Save
whatever amount you can so when you do move out, you can
have a much better start.
Pay for movers
Pay a security deposit for you new place to live
Use this as a chance to better your life.
Start over with a new attitude
The bank really
would rather you protect your current home - even if you're
not making payments to them - so when they get it back, it
is in as good of condition as possible.
The want a
performing loan, meaning they want someone to be paying the
monthly payments as agreed. When all else fails and the
homeowner can’t make those payments do to loss of a job,
death in the family, whatever the circumstances, the bank
Remember that the bank doesn’t want the house back. So they
will deal to keep that from happening. They can restructure
the loan with the homeowner which is called forbearance or a
they can sell the property at a loss just so they don’t gain
ownership through the foreclosure process. This is often
called a short sale.
Learn more about the short sale
on the Short Sale Page
Discover more options available to
you NOW! Call us or
Sign up now with Practical Housing Solutions to get your
house sold through our Hybrid Short Sale Process or keep you
in your home with a Loan Modification!
Call us now! 513-604-7774