![]() Federal mortgage servicing laws require the servicer to contact you (or attempt to contact you) by phone to discuss foreclosure alternatives-called "loss mitigation" options-no later than 36 days after a missed payment and again within 36 days after each following missed payment. If you skip a few mortgage payments, the servicer will probably send letters and call you to try to collect the late amounts. To find out the grace period in your situation and the amount of the monthly late fee, review the promissory note or your monthly billing statement. Most mortgage loans give a grace period of ten to fifteen days, for example, before you'll incur late charges. If you miss a payment, the servicer can charge a late fee after the grace period expires. What Happens if You Miss a Mortgage Payment If you fail to make the payments, the power of sale clause gives the lender the right to sell the home nonjudicially so it can recoup the money it loaned you. The deed of trust is the document that gives the lender a security interest in the property and will probably include a power of sale clause. ![]() ![]() The promissory note is the document that contains your promise to repay the loan along with the repayment terms. If you get a loan to buy residential real estate in Missouri, you'll likely sign two documents: a promissory note and a deed of trust, which is like a mortgage. Missouri law specifies how nonjudicial procedures work, and both federal and state laws give you rights and protections throughout the foreclosure. The method will most likely be nonjudicial, although judicial foreclosures are also allowed. If you default on your mortgage payments in Missouri, the servicer (on behalf of the loan owner, called the "lender" in this article) will eventually begin the foreclosure process.
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