2006-12-19 04:22:57 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Ditto on the above mentioned answers!!!
But do CALL THEM! That's the biggest mistake people make when being late on a payment! As long as you call, some kind of arrangement can be made!
2006-12-19 04:39:34 · answer #1 · answered by GiGi 2 · 0⤊ 1⤋
Nothing will happen if you catch up on the payment. Now listen to this. I'm about to save you thousands of dollars. When you buy a house on payments you end up paying thousands of dollars on it eventually just in interest. So for instance lets say your house payment is 900 dollars a month. If you pay 450 dollars at the beginning of the month almost all of that money will go toward the interest and keep it from being built up. Then at the middle of the month you pay the remaining 450 of that months payment. You are cutting the interest down substantially when you do that and will save a lot of money. Another way to slow the interest down is to make 2 full payments in Dec. Check with an accountant to see that I'm right. Banks and lending houses won't tell you that you can do that because they would lose a lot of money.
2006-12-19 12:33:54 · answer #2 · answered by Haven17 5 · 0⤊ 0⤋
Like everyone is advising you, call your mortgage company and explain your situation. Be sure to make an effort to make the payments. It takes 9 months to a year to foreclose on a house. So don't sit on it too long, once your house goes into foreclosure, it is goiong to cost you an arm and a leg to get it back. The sooner you make the payment the better. Unfortunately, it will show on your credit.
2006-12-19 14:05:49 · answer #3 · answered by blaquechyna1 2 · 0⤊ 0⤋
Many mortgage companies will allow you to miss one payment, depending on circumstances, and will put your missed payment at the end of the mortgage period; but you need to call them immediately and explain why you missed it. Don't worry, they won't foreclose on you for missing one payment, but if you don't communicate with them, they may think you're just being a deadbeat or lazy.
2006-12-19 12:31:12 · answer #4 · answered by oneamy2001 2 · 1⤊ 0⤋
ok dont worry contact ur mortgage and arrange the payment u missed that all .no body will not do any harm to u.so cheer up.
2006-12-19 12:38:11 · answer #5 · answered by ganesh n 5 · 0⤊ 0⤋
If you don't do this very often they may not even report it on your credit report as long as you pay it ASAP. I have missed a payment before (not meaning to) and payed it as soon as I remembered and they didn't report it on my credit report as a missed payment.
2006-12-19 12:31:52 · answer #6 · answered by sooners83 4 · 0⤊ 0⤋
Astro - Don't panic. Call your mortgage company immediately and tell them of your situation. They may ask you to send them the principal, and let you forego the interest this month. But you should call them and let them know.
2006-12-19 12:28:15 · answer #7 · answered by Trish 1 · 0⤊ 0⤋
you need to know how to harness the power of your mortgage.
2006-12-20 06:56:48 · answer #8 · answered by wilma s 2 · 0⤊ 1⤋