How many times can one default or go into foreclosure on a single property?

How many times can one go into default or foreclosue on a single property? Will the bank call in the loan? I aready know credit will be bad,I would rather hold on to homes until market is better.How many times can one default or go into foreclosure on a single property?
As a practical matter, you can go into default/foreclosure any number of times. Here's how the scenario usually works: The borrower missed X number of months of payments (usually three), whereupon the lender refers the loan to its attorney for foreclosure. As the foreclosure progresses, the borrower comes up with the money to reinstate the loan, and the attorney dismissed the foreclosure.



But that can be a VERY expensive proposition: The amount to reinstate includes -- off the top of my head here -- the missed principal, interest and escrow payments in addition to the attorney fees, court costs, property inspection fees (ask you servicer for amounts and frequency of these drive-by inspections). There may be other fees, but they escape me right now. Once the full reinstatement is paid, the foreclosure is usually dismissed. I say ';usually'; because it would depend on the where in the foreclosure process you are when you pay in the reinstatement. If you reinstate before judgment is entered against you, I cannot think of a single reason why the foreclosure would not be dismissed. Then wash, rinse and repeat.



Does the lender have the right to ';call in'; the loan? This will be determined by your promissory note and mortgage terms. The vast majority of mortgages and notes give the borrower the right to reinstate the loan.



Realize that the banks want to see the loan be a performing asset. If that means you default and reinstate the loan 10 times, so be it. Once you don't reinstate, the sheriff will sell the property and most likely your lender will repurchase it at a master commissioner's or sheriff's sale (via credit bidding).