What Happens When You Miss Payments?
After 30 days, your lender begins reporting the delinquency. After 90-120 days, you'll typically receive notices. At 120+ days, formal foreclosure proceedings can begin. But you have rights and options at every stage.
Options Before Foreclosure
Acting early gives you the most choices:
- Loan modification — restructure your payment with the lender.
- Forbearance — temporary payment pause or reduction.
- Sell the property — use equity to pay off the mortgage and walk away clean.
- Refinance — if you have equity, lock in a lower payment.
- Deed in lieu — voluntarily transfer the property to the lender (less credit damage than foreclosure).