What is the usual time frame before the mortgage company begins to foreclose?

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What is the usual time frame before the mortgage company begins to foreclose?

My mortgage payment is late for almost 2 months just received a new bill with charges for attorney and other high costs foreclosure fee .Is that legal with only 2 months late?

Asked on December 31, 2011 under Real Estate Law, Texas

Answers:

Michael Duffy / Duffy Law, LLC

Answered 9 years ago | Contributor

The procedures vary from state to state, but they are usually allowed to bill you for collection fees after you're late on a payment. Then there are usually notification requirements they must meet. After that, they usually may begin the "foreclosure" process, which involves contact the sheriff's department, holding a sheriff's sale or auction, and then beginning eviction proceedings. An average time from the first late payment to eviction is, very generally, nine months (this can vary depending on many factors and some individuals can stay in their home beyond one year, but this is uncommon). 

You should carefully consider your options. You might want to contact the mortgage company to consider a loan modification or short sale. If you have other debt or obligations that are affecting your ability to pay your mortgage, or would have a deficiency even after foreclosure that you'd be unable to pay, you should consider filing for bankruptcy. You might even be able to keep your home or other assets through bankruptcy, depending on a variety of factors. Contact a bankruptcy attorney to discuss your options, possibilities and see what route might be best for you.


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