In general your home will enter into the foreclosure process after the third missed payment. At this point you will no longer be able to make partial payments or even whole monthly payments. Once you have reached this point you will need to pay all the missed payments plus any legal or collection fees as well as late penalties that have accrued in full.

However, this can be negotiated with your mortgage lender if you intend to pay your full payments from now on by adding the amount of the missed payments and all other fees to the total amount of your mortgage and then spread out through the remaining life of the loan. For example let’s say you owe $325,000 on your mortgage and your monthly payments are $2,600 for another 15 years.

Then let’s say you lost your job and were unable to pay your mortgage for three months. Then you found gainful employment with the same salary range as before so you are able to make your general monthly payments but do not have enough to pay the back payments and fees. Let’s assume the accrued amount owed equals to $10,000. Your mortgage company may be able to spread out that $10,000 throughout the remaining 15 years of your loan which will only add around $55 per month to your monthly mortgage payments.

You may be eligible for the scenario above until the sheriffs sale commences typically after the seventh missed payment. Once the sheriff’s sale commences you will enter into your redemption period. This one is different from state to state, however it typically can last anywhere from three to six months. During your redemption period you will have the option of reclaiming your home if you can pay the entire mortgage in full.

For more information please visit: http://www.floridalawattorney.com