My husband is an owner/operator (truck driver) for a livestock company and when he does not work he does not get paid plus goes into debt for the next couple of weeks while he tries to make up truck payments among other things.
Anyway, he was off work for a week while his dad had emergency surgery. This put us in a big financial bind since he did not then get a check for 4 weeks. We are trying now to get caught up on bills. Our mortage payment is $450 a month and I can only send in about $300. Should I go ahead and send that in or should I wait until I have the full amount? Our payment was due May 15th and I just now have the money, so I am already late.
Thanks!
2007-05-29 08:35:48 · 3 answers · asked by Red 3 in Business & Finance ➔ Renting & Real Estate
You should not only send in the $300, but also phone the credit department of your lender to inform them of your circumstance. The may work with you to get over this temporary interruption in your income flow. If you do not call them, they have NO clue why you are paying less than the stated amount.
2007-05-29 08:40:33 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Send in the $300 for this reason:
Then you will only owe another $150 pplus your late fee rather than owing a full $450. Otherwise, you'll spend the money and be that much more deeper in the hole.
Other than that, you really have 30 days from your due date to get your payment in before it affects your credit as a 30 day late.
Just pay a total of $450 plus late fee before the 1st of next month and you'll be fine...
2007-05-29 15:41:50 · answer #2 · answered by Tadow 4 · 0⤊ 0⤋
The payment will still be consider late b/c you didn't pay the full amount. The payment is full amount of receipt. If you keep doing this for about 3-6 months straight, the finance company will force you into foreclosure. If there are breaks in late payments and you eventually catch them up, then you'll just have bad credit.
2007-05-29 15:45:56 · answer #3 · answered by L J 3 · 0⤊ 0⤋