Question:

How to avoid mortgage foreclosure if default has occurred?

Answer:

It depends on the case. Mortgage foreclosure results after several defaults have occurred. You should know that if you miss on your payment, usually there is a 15-day grace period when you can still pay your mortgage and no one will notice, or late fees will be incurred. However, when you are a late ith a payment more than a whole month, you are already in default of your mortgage and soon might be warned of foreclosure proceedings.

Usually up to two or three months after a missed payment lenders will insist you become current with your payments rather than start hunting you down and mortgage foreclosure may be avoided despite mortgage default. However, the scenario varies from state to state and among lenders, as well.

In most cases mortgage foreclosure will easily be prevented if you have expressed desire to become current with mortgage payments and choose to work with a lender or a mortgage foreclosure consultant on a healing plan. Only sometimes unethical lenders may wish to use the acceleration clause in case you default as a way to invoke foreclosure on your home.

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