I am three months todate behind on my mortgage payments. I called to make my payments tonight and was told that I have to speak to someone in the Foreclosure department.

I was not able to speak with anyone in that group because they are closed until tomorrow.

Please tell me if this means I will loose my home ?

What are some of my options ?

You need to talk to your lender.

If I were in that position, I would try to be honest and work towards an amicable non-litigious solution. I would also try not to be confrontational.

It is not uncommon for past due accounts to get kicked into the Special Accounts portfolio. The last thing a bank/lender really wants to do is to take care and control of your property. Forclosure tends to be a real pain in the ass. As LU stated, you need to be upfront with your lender and work out a solution.

As Rick said, the last thing a bank wants to do is take over your property. But foreclosures do happen and bank have REO dept to manage the properties they take over until they can be sold or gotten rid of in other ways. When you talk to the bank find a point of contact i.e. someone with the final word and not just a rep, and explain reasons for being late and how your situation has changed so that you wont be lat in the future and make the past payments.

Have you tried to refinance the property. You are now in a subprime type of catergory and a handful of lenders can help you refianance out of the foreclosure if they have started that process. Also as others here stated pleed beg and tell them you will not do it again. Start making those back payments up. BEST OF LUCK!

what if u didnt get a foreclosuer notice and now they are foreclosed?

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