given the holiday season, i c/use some extra cash, ( i know, who couldn't) & it was suggested to me last night to call the bank on Monday. Is this something that c/be done? (move my Dec. payment to the end of the note or s/ i just save myself the embarrassment of the call?)
2006-12-09 23:35:50 · 5 answers · asked by frazzled 2 in Business & Finance ➔ Renting & Real Estate
Can it be done? Depending on your mortgage company, perhaps? Should it be done? More than likely not!
I believe that doing so will effect your credit rating in the same manner that moving a car payment to the end of the note has an impact on it.
Let's turn the game around for a second and say someone owed you money, had a schedule to pay for it and then suddenly said, "Oh, I have some other more important things to pay for than you. I know I promised, but..." How would that go over with you?
Probably not so well. Same thing with mortgage companies. Typically, the reason they will do that is so they don't have to foreclose on you, because although you experienced some hardship, you are now able to make the payments.
And just because you don't make the payment, doesn't mean that interest is not accruing.
Your credit is impacted more by your mortgage than almost any other thing on your report. I would try to find a way to avoid doing it if possible. And if it is just for Christmas gifts, make them something or do something for them like clean their house, make them dinner. They will probably get more enjoyment out of that anyhow.
Hope that helps.
2006-12-10 00:25:06 · answer #1 · answered by ga_rei_guy 3 · 0⤊ 0⤋
You can request what is called a loan payment deferment. It would ask you to pay an interest payment or a percentage of it. It will do so without affecting your credit as well. Most banks will do this and expect it especially this time of year. If you have maintained a good standing, they will stew up for you
2006-12-10 09:44:07 · answer #2 · answered by punxsyparty 3 · 0⤊ 0⤋
frassled ,
should you get a human to verbally OK this.
the computer system will flag you as late payment and add the extra charges. the human has no control over the computer, REALy.
as for extra cash don't buy what you think is needed if you don't have cash.
remember smart folks pay food shelter utilities transportation first. no money leftover means stop buying. Or join the debt slavery clubs.
What is more important - your house or your toys?
2006-12-10 14:23:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Usually this can't be done. Even if it was possible, your loan would acrue interest over the 1 month that you didn't pay. This would make your loan even larger in January than it was in December.
If you can tough it out, then I would recommend that.
2006-12-10 08:20:58 · answer #4 · answered by MR MONEY 3 · 0⤊ 0⤋
Yes.
2006-12-10 07:38:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋