How many payments one can miss before the lender puts the property in foreclosure depends on what type of loan you have. Your mortgage contract should state how many payments you can miss before a Notice of Default is filed and sent to you. Different types of loans have different time frames. If you are currently up to date with the payments, then the lender cannot foreclose based on your previous history. But, if at this time, you are behind on your payments (even by 1 month), I strongly suggest that you look into the terms of your mortgage. In most case, foreclosure proceedings are not initiated until you miss two consecutive payments, but nonetheless, you should look into your mortgage contract to verify the same.
Refinancing your mobile home might be a difficult proposition given your late payment history. Generally speaking, lenders do not like to offer refinance loans on mobile homes because, unlike homes that are built on permanent foundations, which tend to gain value over time, mobile homes tend to lose value, or depreciate, as time passes. Refinance lenders take a security interest in a home on which they lend money, in case the borrower defaults on the payments, allowing the lender to foreclose on the home. During a foreclosure, a lender will sell the home to recoup as much of their money as possible. However, since mobile homes tend to lose value over time, it is much more difficult for lenders to get their money back through a foreclosure. For example, if a lender loans you $50,000 on your home based on its current value, and you default on your payments 10 years later, the lender may only be able to sell the property for $10,000, meaning the lender would lose a significant amount of money in the process.
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While most standard lenders do not offer refinance loans on mobile homes, some specialty lenders will allow borrowers to refinance their mobile homes. You should keep in mind that loans on mobile homes are not the same as standard mortgage loans. Rather, they are generally referred to as personal property loans, and carry higher interest rates and shorter loan terms than regular mortgages. If you are interested in obtaining a refinance loan for your mobile home, you should look for a specialty lender who offers mobile home refinancing, such as http://www.mhloans.com
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