It depends on what your mortgage agreement documents say about foreclosures. Note, if you become current, your company will probably work with you
Stew Crawford, Jr. Esq.
Crawford Law Firm
A Full Service Law Firm Serving Pennsylvania & New Jersey
Philadelphia Area Office
223 North Monroe Street
Media, Pennsylvania 19063
All information provided in this comment is intended for informational purposes only and does not, by itself, create an attorney client relationship. Without the benefit a personal consultation to exploe all of the facts of your legal problem, the information in this posting may be inaccurate and for that reason it should not be relied upon. If you wish to consult with an attorney, or have any questions concerning this comment, please feel free to contact our offices through any of the above contact sources.
I tell my clients that they are in the "foreclosure process" at the first missed payment, no matter what the stage is technically called. The bank was correct in reporting missed mortgage payments but the terminology may not have been correct. You may be able to convince the bank to revise the language of the reporting since you are current. You may also get the bank to agree to a loan modification so that refinancing is no longer the issue. You should not have too much difficulty refinancing after 3 years if your credit history is otherwise healthy, you have a good debt to income ratio, and the property will appraise.
You need to have an attorney review the documents. It may be possible to file a lawsuit to compel removal of the reporting on your credit report, and based on the credit report and documents you should have a local attorney research the matter.