Once you miss that 3rd Mortgage Loan payment and are a full 90 days delinquent, your lender will no longer accept less than 3 full months of payments to bring you current. They are also required to file an NOD (Notice of Default) against your property, and this marks the beginning of the foreclosure process. From here, the phrase "foreclosure process started" is going to appear on your credit report (and will remain there for 7 years even if you bring the loan current) and your loan is going to start to incur additional, pretty hefty charges because of the process itself.
Unless your lender can work out an arrangement with you before your home "goes to sale", and you lose it forever, which takes a minimum of 90 days, then buying time by making at least one Mortgage Loans payment before you are 3 months down is the best way to go, if you can possibly do it.
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