Here are some answers to situations you may find yourself in:

When is a mortgage payment considered late?

Most people don't realize that there is actually a 15 day grace period. So if your mortgage is due on the 1st you have until the 16th, after that your mortgage payment is considered a late payment. If you are currently late on payments, find out how we can help by clicking here.

When is a mortgage considered 30 days late?

After 15 days, your payment is officially "late." However, even a mortgage payment made more than 15 days late won't be reported as delinquent to any credit bureaus. It's only when your mortgage payment is more than 30 days late that it might be reported as such to the credit bureaus. If you are currently late on mortgage payments, find out how we can help by clicking here.

What is a "notice of default"?

A default notice is a notification from a lender asking you to catch up with your payments or else have your account closed. If you have received a notice of default, there still may be time to caught you up on payments, find out how we can help by clicking here.

Is a "notice of default" the same as foreclosure?

After two payments go unpaid, the borrower's situation becomes more challenging and the lender will increase efforts to make contact. The worst-case scenario for a homeowner who has defaulted on a mortgage is foreclosure, a legal process that results in a homeowner's rights to a property being eliminated. If you have received a notice of default, find out how we can help by clicking here.