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How quickly do foreclosure proceedings begin after I miss a mortgage payment?

Banks generally do not begin foreclosure proceedings immediately after a single missed payment, but instead will begin to work out alternative means of payment. In many cases a bank may offer to rewrite the loan, reduce payments and extend the loan, or suspend principal payments temporarily in order to allow you to continue your mortgage during a difficult financial period. If you fail to make arrangements with the bank however, they may begin the foreclosure process after 4 or 5 missed payments.

If you would like to learn more about foreclosure, call the experienced Houston bankruptcy attorneys at the Russell Van Beustring P.C. today at 713-973-6650.


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