Question by GI: How soon can a bank begin foreclosure proceedings?
Does a bank have to wait until your 30 , 60 90 days late to begin foreclosure proceedings or can they begin as soon as 10 days. I live in Kentucky. My loan is due on the 1st I have a 10 day grace period. Could they begin as soon as the 11th if I don’t pay?
Answer by ~*Mama-of-Two*~
Legally they could but most banks will wait about 90 days. You will probably receive many warnings in the mail before they follow through with foreclosure. Keep in contact with your bank and let them know what is going on. If you cannot make the payments you need to start planning for the future. Maybe re-finance? or sell before things get worse.
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