i cant afford to make up the last one? im screwed for the first time! how does foreclosure happen? i have no money to pull from anywhere and probably wont be able to come up with it until january what can i do??
2007-12-13 03:11:36 · 27 answers · asked by toolate 3 in Business & Finance ➔ Credit
Well, usually the foreclosure process doesn't start until you miss 2 or 3 payments. I would contact your mortgage lender and tell them that you are having some short-term issues and you want to pay them all the missed payments in January.
Given the climate, I think they will work with you.
Good luck
Dana (attorney)
2007-12-13 03:14:38 · answer #1 · answered by Dana A 6 · 1⤊ 0⤋
Just make your payment this month, which will count for last month's payment. You'll have a rolling 30-day late until you get the money to pay back that missed payment.
But the bank will most likely not foreclose or refuse your payments if you are just one month late. The longer you remain behind, though, the more likely they will be to start the foreclosure. This might take them some months unless you fall behind again.
If you can make up the missed payment in January, you will probably be just fine. Your credit might take a small hit, but you'll avoid foreclosure.
Good luck.
ForeclosureFish
2007-12-17 02:45:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Speak with the mortgage company. Ask what their policy is. They will probably be okay if you can make it up. If you miss three payments they may start to forclose on you. You would probably have to pay more than you owed because of legal fees. If you qualify, there are services to help people who cannot pay their mortgages. Check with you state. Let your friends and family know about your problem., maybe they can help you out. If you can take in a roommate, consider that. Can you rent your place out and live with family? Hope everything works out for you!
2007-12-13 03:17:59 · answer #3 · answered by heathererandolph 4 · 0⤊ 0⤋
Contact your mortgage company and see if they offer deferred payments. This will allow you to defer the missed payment and place it at the end of your note. So instead of being done in 30years, you will be done in 30 years and 1 month. If they don't have that, see what other options you may have. Mortgage companies are not out there just waiting for you to miss payments, they want to keep your house because they lose money when you foreclose. So, you should contact them immediately to see what options you have.
2007-12-13 03:17:53 · answer #4 · answered by Hotgirl 2 · 0⤊ 0⤋
foreclosure will take a long time and if you missed a payment try to throw extra on your current payment or call your mortgage company so they can work with you. You won't lose the house over one payment but you should try to get it straightened up for the sake of your credit.
2007-12-13 03:17:42 · answer #5 · answered by dpcarras2007 5 · 0⤊ 0⤋
One possibility is for them to tack on the missed payments at the end of the loan. They will get more interest in the long run so some companies are willing to do it. The most important thing is to talk with them. Foreclosure is an expensive process for them and they will be willing to work with you in this climate.
2007-12-13 03:18:02 · answer #6 · answered by John 3 · 0⤊ 0⤋
Contact the lender ASAP and negotiate an arrangement. If there is any way they can work it out to avoid foreclosure they will do so. It's not like they can get a good price for the home nowadays if they did foreclosure. Their best chance to minimize their losses is to come to terms with you.
2007-12-13 03:17:02 · answer #7 · answered by michinoku2001 7 · 0⤊ 0⤋
call them let them know and they will work with you. You normally have to be really behind for them to start foreclosure. And most of the time they really dont want to take your house anyway they would rather get the interest from the loan that you have while you are making payments. I am sure that they will work with you if you call them but if you dont they will be calling you .
2007-12-13 03:16:30 · answer #8 · answered by ldygdva757 2 · 0⤊ 0⤋
Call your mortgage company right away. At the rate foreclosures are happening they DON'T want to foreclose on you any more then you want to be foreclosed on. They will work it out with you if you call right away! They will add the payment on to the end of your mortgage! But please call right away to keep yourself from a lot of grief! Call now!
2007-12-13 03:16:16 · answer #9 · answered by johnnyb6231 3 · 0⤊ 0⤋
Pay this month, and contact the mortgage provider! If you dont talk to them, they will think you dont care! Very few companies will forclose on one missed payment - communication with them is the key, they will help you work out a way to bring it up to date!
2007-12-13 03:15:12 · answer #10 · answered by Anonymous · 0⤊ 0⤋