How far behind on your house payment do you have to be before a private lender can forclose?
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How far behind on your house payment do you have to be before a private lender can forclose?
Asked on November 23, 2011 under Real Estate Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. Under the statutes of all states in this country, one (1) missed mortgage payment typically triggers a breach of the loan allowing the lender to initiate foreclosure proceedings against the homeowner.
Typically, when the property owner misses a mortgage payment, the lender sends a notice to the borrower within a week or so about a missed payment. if no payment is made in the next 15 days or so, the lender will then send a notice of default to the borrower.
If the borrower does not pay the missed payment and accrued penalties in the next 15 days or so and if the following month's payment is missed, the lender then sets a notice of a trustee's sale (foreclosure sale) for the property and gives notice to the borrower of such date, time, and location.
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