Q: How far behind do I have to be before the bank can start the foreclosure process?
Also, if I CAN get caught up before it goes to court (or whatever) do they have to accept my payment and let me keep the house or can they refuse and go forward with the foreclosure?
A: You only have to be contractually late to be in default. However most mortgage companies will start a foreclosure when you are 2 payments behind. It is a pretty stiff late charge and real damage to your credit. When the mortgage becomes 2 payments behind they will start to refuse to take your payments. They start to wrap up the file and they are in the process of sending it to an attorney. You will be sued at the 6 month stage and served by a sheriff or by certified mail. It is still possible to simply make a payment and bring it up to date and some stages in the process but they wont accept payments normally unless it fully brings it up to date.
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