One concern that homeowners frequently have is the question of how many payments can they miss before the bank decides to initiate the foreclosure process. In reality, the bank’s decision will depend mostly on how long the homeowners have been a client of the bank, the size of the bank (local or multi-national), and how much they are able to stay in contact with the lender once they know they will begin missing payments. Homeowners who are worried about a possible job loss, medical problem, or the payments going up due to an adjustable rate mortgage, should call the lender as soon as possible and ask if there are any programs that they offer to help prevent foreclosure.

Some homeowners will simply avoid the entire issue, though, and never inform the bank of the financial hardship they are facing. When homeowners do not talk to the lender and start missing payments, the collections department at the mortgage company will begin calling every day. If the homeowners refuse to answer all of their calls and their letters, or fail to respond to the attorneys that are hired to sue the homeowners, foreclosure can start soon after the third payment is missed. They will not be willing to work with clients who are not making any realistic attempts to fix the situation — they will decide just to go after the house and pursue the foreclosure process.

That is one of the main reasons every homeowner should keep in contact with the mortgage company to stop them from filing foreclosure on the house. If they simply keep in contact with the bank, they may hold off on starting the process for 6 months or longer, giving the clients time to save up money for a , , or to . They will give homeowners numerous extra chances if they are kept informed of what the homeowners are doing and are assured they are making good faith efforts to avoid losing the home.

For any homeowner actively worrying about foreclosure, there is a good chance that they are expecting a financial hardship or that their mortgage payment will reset very soon. The best thing to do in this situation is to start saving at least a few hundred dollars extra every month, or cutting expenses down to the minimum (who needs 750 TV channels, anyway? ), and to make sure that there is an emergency fund that can last the family through even a few weeks with no income, if not a few months. Having some extra funds hidden away can even help if the only problem will be a readjusted payment, as the homeowners may be able to use those extra funds in refinancing to a more manageable, fixed rate.

The main point to focus on is just try to take care of the problem before it becomes a problem, and homeowners should be able to avoid the possibility of facing foreclosure at all. It is also important to read up a little bit about in whatever state in which the property is located and research various ways to . Just performing these actions will go a long way towards informing homeowners of what they can do if hardship does occur and it will give them a head start if anything does happen to their own financial situation or even to someone close to them. With so many foreclosure going on in the nation right now, we all know someone who is in foreclosure or close to it, and can help them tremendously just by giving them the important that will help them through a crisis.