Mortgage Defaults

Of course people do have GENUINE emergencies and if someone has paid you on time every month for 3 years, you may want to cut them a little slack if they have a short term problem. But remember to add on those late charges. And don't let it get too far behind. 2 months maximum. Try to get them to pay a reduced amount. But you are NOT a charity or their mother.

If they can't or won't catch up you will have to file for a mortgage foreclosure. (Some states use Deeds of Trust rather than mortgages and a different foreclosure method is used. Ask your attorney).

A mortgage foreclosure should take about 3-4 months from start to finish. (Depending on how fast your attorney works and the state the property is located in.)

An alternative is for them to give you a Deed in Lieu of Foreclosure. This means that they deed you the property and you satisfy (treat as paid) the mortgage. This is only effective if you own the first mortgage and there are no other mortgages behind yours. if there are you need to foreclose your mortgage or they will stick to the property title.

So you will know what to expect, the following is what  happens in Florida. (Other states will be similar, unless they are Deed of Trust States). Please note. This is intended for information only. We are not attorneys and different states can and will vary in what is required.

[Collecting mortgage payments. Your options] [Print payment coupons] [Collecting mortgage payments. Statements] [Collecting mortgage payments. The minimum.] [Collecting mortgage payments. When to do nothing.] [tax returns] [If not paid. Start out right.] [If not paid. This is not a charity.] [If not paid. What your attorney needs.] [If not paid. Foreclosure law] [Mortgage Foreclosure Law second mortgages] [If not paid. The legal steps.] [If not paid. Sample documents.] [Calculate foreclosure losses] [Non-Judicial Foreclosures] [Calculating a mortgage payoff]

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