The longer you wait the fewer options you will have
If you miss one payment you may notice increased collection calls from your lender. You may also receive a Notice of Acceleration from your lender. If you miss two payments the collection calls will ratchet up and you sill start to receive letters from your lender. If you miss three payments you will enter the formal process of foreclosure on your home and will receive a Notice of Default. 90 days after the Notice of Default is recorded your lender will set a Notice of Trustee's Sale and your house will go to public auction 21 days later.
Short answer. No. But your lender is required to comply with certain legal codes and must report to you as to what steps they have taken to evaluate your situation. The old days of President Obama's ground breaking Making Homes Affordable program which required big banks which were bailed out by the Government to offer assistance to homeowners are long gone. Homeowners have less protection than ever from foreclosure and have fewer rights than at anytime in the last 10 years.
No. But they will pay attention to you. In fact, when you retain us as legal counsel we don't even talk to your lender. We open a dialogue, attorney to attorney, and bypass the modification and collection departments which have no power and no ability to help you.
YES! This often comes as a surprise to most people. Any lender in any position on your title, first, second, even third can foreclose on you and take your home for non-payment. Even "zombie" second mortgages which you thought had disappeared years ago can pop up out of nowhere and foreclose on you.
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