How Many Mortgage Payments Can I Miss Before I Lose My Home?

large suburban house

There is nothing more frightening than the prospect of losing one’s home. However, if you are someone in Rockland County who has fallen behind on their mortgage payments, there is a chance that you may now be facing foreclosure. Please continue reading and speak with our knowledgeable Rockland County foreclosure defense attorney to learn more about what happens if you miss a mortgage payment and how our firm can help if you have fallen behind. Here are some of the questions you may have:

Will I lose my home if I miss a mortgage payment in New York?

If you miss just one mortgage payment, you will most likely not lose your home. In fact, if you only missed one payment and it never happens again, it will mean very little. However, if you do miss a mortgage payment, you should speak with the loss mitigation department at your lender as soon as possible and inform them of why you missed your payment and why it will never happen again. Additionally, if you know you have a mortgage payment coming up that you will not be able to make, you should speak with your lender and let them know, as they will try and work out an alternate payment plan with you.

How many missed payments will it take for my mortgage lender to foreclose on my home?

The first thing you should understand is that banks do not necessarily want to foreclose on your home. Banks are here to make money and collect interest, not collect real estate. For this very reason, if you are falling behind on your payments, you should speak with a knowledgeable New York foreclosure defense attorney as soon as you can do will try to come up with a plan between you and your lender that works for you both. When individuals do not try to prevent foreclosure or take any action to stop it from happening, there is a very good chance that the lender will expedite the foreclosure process, which may bring your house to auction within the year. However, with the help of our firm, we can significantly delay the process, and in many cases, we can even halt the foreclosure on your home altogether. If you have any additional questions, give us a call today.

Contact our experienced New York firm

The Law Offices of Allen A. Kolber, Esq. effectively represent clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.