The North Carolina foreclosure process can happen quickly if you have an expensive or high priced home. The last thing you should ever consider is missing a payment on your home.
If you anticipate missing a payment on your mortgage then you need to contact your lender before you even miss a payment. You might look at getting a personal loan or something to make the payment. Some home owners pull out equity in their home and put it in an account to use it for emergencies when they cannot make a payment on their home. This is a good idea and can save you from starting the North Carolina foreclosure process on your home. This can look bad on your credit even if you just make a late payment.
Every time you start the North Carolina foreclosure process because you have missed a payment it reflects on your credit report. You may have excellent credit but when you miss a payment or two on your mortgage it looks very bad for you and can take you two more years of perfect payments to get back in good standing with the lender.
The North Carolina foreclosure process can take up to 9 months for a home to be sold at an auction. This is plenty of time to get caught up but you should never allow yourself to get this far behind. Once you get one payment behind or two it can seem impossible to get caught back up. It is better to get your electricity shut off for a month then it is to miss a mortgage payment. Never float your mortgage payment because you wanted to have a little extra fun on vacation this year or anything else. That is the one payment you should never miss.