What to do???

Question

I had fallen 3 months behind on my mortgage payment, when I was laid off a few months ago. I do not have a lot of debt. 1 credit card and normal monthly bills that are NOT excessive. I just cannot catch up on my mortgage! Do I have any refinancing , or small loan options even if my mortgage is late???

I Can afford my payments. Now that I am working, but I cannot seem to make up the 1700.00 I am past due. An my myg co. is NOT working with me. The will not take pyments till my over due balance is paid...which is gonna make me keep being late plus fees.

Thanks for the info. everyone. Im obviously not alone, and it makes me feel a little less like a "scumbag" I have found my solution, but thank you all!!!!!

Answer 1

i am not answering ur ?. i like ur sense of humor. i thought i was the only human alive that seems similiar? am i right?

Answer 2

When you contact the mortgage company, first ask to speak to a supervisor and make sure you get his or her full name. Explain your situation and tell them you'd like a three-month deferral. This will give you three months to save your payments to pay off the late amount, then put you back on the regular schedule. Interest will continue to accrue during the three months, but you won't have to continue to pay the late fees. Make sure you ask them to verify your agreement in writing and give them, say, 10 days to get it to you. You may need to explain that you'll have to refinance if they won't work with you. Most companies would much rather keep taking your money than have you give it to someone else.

If they STILL won't work with you, get a small home equity LOAN (not line of credit) to cover the late payments and late fees. Pay off the late payments then work on paying off the HEL.

If that's not an option, try sending a payment and some extra ($200-300) every month. If they are cashing your checks, this constitutes and agreement. They can still report you to the credit agencies, but you'll be whittling down the late amount.

If you can't get a HEL, try getting a cash advance on your credit card (if you have that much available). The interest rate will be high, but it's better than the late fees every month.

Two lessons from this: contact your mortgage company and any other creditors as soon as you know you're going to miss a payment. They're usually a lot more willing to work with you BEFORE you actually miss the payment than after. Second, you need to have an emergency fund for just this type of thing. Usually, you'd need $500-1000 - that'll cover most emergencies.

Answer 3

you can refinance if you like. you're mortgage lates may hurt you depending on who you go to but there are some options available to you. small loan will be out of the question since your lates will reflect negatively on you. as long as you do something before your lates accrue or foreclosure starts, then you have a way out. Once foreclosure kicks in, which should be soon if you miss one more payment, then you are screwed. beware of predatory lending and look to a broker, not your bank for a refinance.

Answer 4

The best thing to do is contact the mortgage company and explain your situation. Many companies are willing to work with you to get you back on track. Ignoring it is the worst thing to do. Taking out a loan to pay on a late loan is probably not a good idea.

Answer 5

Quick Fix: Ask your credit card company for a check. That will take you forever to pay them off, but they won't foreclose on you.

Ask your bank for a small secured loan, using the house as collateral.

Refinancing won't do you any good. Your payments and rates will be higher, especially since you are behind.

Answer 6

Refinance it. Your terms probably won't be the best, but it will get you caught up.