According to the Mortgage Bankers Association 12% of Mortgages were not paid on time in the month of May and this number is likely to rise during Covid-19.
When a borrower has missed more than one house payment their lender will at some point send a Notice of Default to them. This is a notification that the lender is beginning a foreclosure process. This process takes several months to complete depending on the type of loan instrument that was used, the state and local rules regarding foreclosure, and the lenders backlog of other foreclosures.
During this time the borrower can always make their payments and pay the penalties to avoid losing the property and, of course, lenders always prefer that the delinquent account be reinstated rather than take the property in foreclosure.
There are many reasons for a homeowner not to make their mortgage payment including job loss, illness, divorce, or a death in the family. When an event or a series of events prevents the homeowner from making...
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