The answer is 1 payment. You are in “ default” when you miss or fail make a payment by the date agreed. This date was established and agreed to when the deed was executed.
However, your mortgage company must follow the laws as they pertain to collection, Notice of Default, Trustee Sale and Foreclosure in your state.
Your states foreclosure process can be as short as 90 days and as long as 1 year.
In my state of California, the process is approxiimately 150 days.
30 days in which to contact and counsel (by telephone or in person) the mortgagor as to their options in lieu of foreclosure. SB 1137 Enacted July 8, 2008
Once this occurs and no resolution is drafted or agreed, mortgagee may file for Notice of Default or NOD. This is a 90 day process in which the mortgagor has to cure the delinquency.
- Trustee Sale will occur no sooner than 21 days after the NOD period has expired.