| First Month Missed Payment: |
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Payments are due on the 1st day of every month, unless you have special terms established such as a bi-weekly loan.
The first month your payment is past due we will contact you by mail and/or by telephone. On the 15th of the month
your account will be assessed a late fee in addition to your regular payment. |
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| Second Month Missed Payment: |
The second month your payment is missed we will begin calling the contact numbers we have for you in order to
discuss why you have not made a payment.
It is important that you not avoid our calls.
Please try to stay calm on the telephone and explain your situation and what you are trying to do to resolve it.
Depending on your situation you may still be able to make one payment at this time to prevent yourself from falling
three months delinquent. |
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Third Month Missed Payment:
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At this point, you will receive a letter from Mortgage Center stating the amount you are delinquent, and that you
have 30 days to bring it current. This is called your “Breach Letter” or “Demand Letter”. At this point, there is
still time to work out an arrangement to bring yourself current and prevent foreclosure. If you choose not to pay
the specified amount or make some form of arrangement by the date given, we will refer you for foreclosure. This
means we will forward your account to our attorneys. |
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Fourth Month Missed Payment:
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Now you are nearing the end of the time allowed in your Breach Letter. If this expires and you have not paid the
full amount or worked out arrangements, then you will be referred to our attorneys. At this time, you incur all
attorney fees as part of your delinquency. |
The attorney then schedules a Sheriff Sale, which is the actual date of foreclosure. You will be notified of this
date by mail along with a notice taped to your door.
This is NOT a move out date. |
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Equal Housing Lender
