Re: Bank Requalify Loan on a Foreclosure? - Posted by Dimpil
Posted by Dimpil on October 22, 2003 at 04:49:51:
Banks will bend over backwards to not have a customer go into forclousure and it usally takes more then 3 missed payments, more like 5, which is 120 days, and the banks will work their best to make some arragements with you even till actaul forclosure.
Most people won’t get a pre approval after a mortgage get’s behind like that. All depends on how high their score was and is at the time.
Banks do not want to own your home under any circumstances and will bend over backwards to help people re-establish their payments. Putting payments on the back, spreading back payments out over a months, whatever. Issue is, people do not talk to the mortgage company, get afraid, allow company to bully them, do not know their rights or how to negoitate.