No Mortgage Payment For 492 Days - What?
Well, it's not exactly a 'get out of your mortgage for free' card. But according to a recent article from the Wall Street Journal, 492 days is "the number of days since the average borrower in foreclosure last made a mortgage payment."
Before you raise your eyebrow and start contemplating skipping your mortgage for 492 days, keep in mind the ramifications that these missed payments will bring:
- increased number of 30- day lates reported on your credit report
- increased number of 60- day lates reported on your credit report
- increased number of 90- day lates reported on your credit report
- incessant phone calls from collection agencies
- increased bill collection notices in the mail
- possible notices posted on your front door
This number also includes the homeowners who are actively trying to pursue a loan modification. Even when a home has been scheduled for foreclosure, a lender may give the homeowner the opportunity to modify the mortgage. The loan modification process can take anywhere from 30-60 days, during which time a mortgage payment is usually not made.
If you're just 30-days late on your mortgage payment and you need help understanding your options, please contact us right away to see how we can help you avoid foreclosure.
We welcome your comments so that information can be shared to help homeowners across the country.
Source: The Wall Street Journal