When Do My Mortgages Default?

Mortgages default technically occurs on the first day after a payment is missed. However, a lender will usually wait to file a notice of mortgage default.

After a payment is missed, a lender will usually send out late notices and impose late fees. Typically a legal notice of mortgage default will not be issued until about 120 days have passed since the last payment was made.

Once the notice of a mortgages default has been filed, the home will enter the pre foreclosure period in which the lender prepares to foreclose on the home. The lender must take certain steps and must give the party in default every opportunity to bring the mortgage current. Once the procedure starts, the defaulting party will be able to cure the mortgages default at any moment up until the entire legal proceeding has been completed. However, curing the mortgage will grow more and more expensive as time goes on as fees and penalties add up.

If you have missed a mortgage payment and are technically in default on your loan, contact a mortgage attorney in your local area to be sure of what your rights are in reference to the default.