Banks, trust companies and various lenders all have different terms set in your mortgage about how many payments you can miss before there’s a foreclosure. There is no set number thats an industry standard because lenders can list their own terms but the most common answer to this question is: two payments.
In many cases, the lender puts in writing that they have the power to foreclose on your mortgage if you miss two payments. While the trend used to be monthly mortgage payments, this isn’t the case any more so if you are making bi-monthly, bi-weekly or weekly payments its very important to know precisely how much leeway you have before foreclosure is a reality for you.
Many people sign up with accelerated mortgage payments to save on interest and plan for budgeting purposes so be sure you understand precisely how much time you have before you could be facing foreclosure.
