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Guest
0.10 Dollars($)
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 Posted: Wed Oct 08, 2008 10:48 am Post subject: Mortgage delinquency |
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I was wondering what happens if I miss one mortgage payment and just act normal for the next.. 3 months.. pay is i never missed anything? Do they start foreclosure or what exactly happens?
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 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1346
Location: bloomfield, ct
45.00 Dollars($)
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| Posted: Wed Oct 08, 2008 10:52 am Post subject: |
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you will probably get a continuing series of phone calls asking about your payment status. the lender wants your loan to be current and will seek out an explanation and ask for a date on which you'll be able to pay.
foreclosure will not take place in this sort of situation.
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George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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elnoralittle
Joined: 01 Oct 2008
Posts: 137
Location: Maryland
38.04 Dollars($)
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| Posted: Wed Oct 08, 2008 11:18 am Post subject: |
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I would not at all suggest you just skip a payment. It will be a missed payment, then the next payment you make will go towards the one you missed, you will be concurrently late and late fees will compound.
George is correct when he says they will call you non stop.
You don't want your credit ruined. Once you get into that hole, it is really hard to get out of. Call your lender, try to work something out.
Call your other creditors too, see if you can work something out with them.
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Elnora Little
Sunshine Mortgage Corporation
Shining a Light on mortgage lending!
Equal Housing Opportunity Lender
(800) 430-2678 |
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Guest
0.10 Dollars($)
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| Posted: Wed Oct 08, 2008 11:32 am Post subject: |
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Thanks! You're Great.
What happends if I miss 2 payments? Does the foreclosure start? How many missed payments before foreclosure? |
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elnoralittle
Joined: 01 Oct 2008
Posts: 137
Location: Maryland
38.04 Dollars($)
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| Posted: Wed Oct 08, 2008 11:40 am Post subject: |
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Normally proceedings take 90 days to begin or 3 consecutive missed payments, it depends on the aggressiveness of your lender and the foreclosure laws in your state.
But that doesn't mean you can miss 3 payments and then just start making payments on time. The bank has a right to collect. I would call your lender and try to work something out with them.
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Elnora Little
Sunshine Mortgage Corporation
Shining a Light on mortgage lending!
Equal Housing Opportunity Lender
(800) 430-2678 |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1346
Location: bloomfield, ct
45.00 Dollars($)
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| Posted: Wed Oct 08, 2008 11:42 am Post subject: |
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your mortgage lender will be in touch with you as soon as your account goes over 30 days late, but it would be in your best interest to contact them first. be proactive and reach out to touch loss mitigation to see if you can work out a plan to catch up on payments.
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George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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