I have been paying my mortgage monthly Just cant afford to catch up right now
2007-03-19 16:37:04 · 6 answers · asked by rednkgirl19802 2 in Business & Finance ➔ Renting & Real Estate
If you are paying, but have not caught up, you are what we call a rolling delinquency. Your bank will want you to catch up but will most likely not start a foreclosure proceeding 2 payments down as they will probably lose money doing so (banks rarely make a profit in a foreclosure situation) and because there is an average chance you can "reperform".
The right thing for you to do is call the bank and ask them to work out a repayment plan. They may spread the two missing payments over six months or a year and have you catch up little by little. Just don't screw it up or there may not be a second chance for you.
If they won't work a repayment plan out with you, you can always consider refinancing the mortgage if you do get sent to court (foreclosure proceedings). The lender will be thrilled to be paid off by a refinance than having to sue you in court, trust me! Your new loan will have a high interest rate, but you'll start off on a clean slate.. This is a solid "last resort" tactic and you should find a reputable bank or broker who specializes in FC bailouts if need be. This also only works if you have substantial equity in the property because you will be viewed as a larger potential risk..
2007-03-19 17:55:12 · answer #1 · answered by SUNYScott 2 · 0⤊ 0⤋
They can do it if it is a month behind , once you are late you are in default , call them , explain your situation to them , most of them will do what is called a deferred payment option , what it does is take the two months you are behind , place them at the end of your term , thus leaving you caught up . it will just move the pay off date up two extra months , it also will stop the late fees every month , you have to ask them about options to get caught up , but do not get behind again , they want their money , not a repossession or a foreclosure. Call them , if the customer service gets aggravating as most do ..ask to speak to the manager over the accounts , they have the authorization to make it happen ...most mortgage companies will help you out if you ask them , not talking to them makes them think you have no desire to pay at all ...good luck .
Been there
2007-03-19 23:46:04 · answer #2 · answered by Insensitively Honest 5 · 0⤊ 0⤋
THEY HAVE TO WAIT 3 MONTHS YOU BETTER DO SOMETHING SOON CALL ALL THE CHURCHES GO TO SALVATION ARMY ASK FOR THERE HELP CALL UNITED WAYS IN YOU AREA IF YOUR WANT MORE INFO LET ME KNOW CALL THE MORTGAGE COMPANY AND ASK THEN TO PUT THE 2 OR 3 MONTHS AT THE END OF YOU LOAN I BELIEVE THEY WILL WORK WITH YOU GOOD LUCK
2007-03-19 23:47:56 · answer #3 · answered by kitty 6 · 0⤊ 0⤋
read the fine print in your mortgage papers, lenders in the subprime market are scrabbling to save these shaky deals there is help out there from the goverment programs right down to local help let your fingers to the walking and reach out for help, 2 months out , there is still time to sve your house
2007-03-20 00:00:43 · answer #4 · answered by gunter_thehunter 3 · 0⤊ 0⤋
Call your lender, tomorrow. Do not wait. Ask for them to do a work out package with you. Do not wait. If you are a trust theory state, vs a lein theory state, you can lose your home quickly.
Call tomorrow.
Be a big kid. Its hard I know, but this is adult hood.
Welcome.
2007-03-19 23:44:34 · answer #5 · answered by batwanda 4 · 0⤊ 0⤋
you need to ask your lender that question...
2007-03-19 23:40:09 · answer #6 · answered by Chrys 7 · 1⤊ 0⤋