In many cases, a mortgage lender begins home foreclosure proceedings after just two missed payments. Sometimes the Minnesota lender is a little more patient, but that’s certainly not true in all cases.
Pre-foreclosure basically starts a financial landslide. The moneylender usually sends an acceleration notice very early in the process. Once the lender issues that notice, the bank no longer accepts partial payments. So, the homeowner goes further and further into delinquency with each passing week.