Missed the Payment

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Greetings, my question is, what if i missed 3months of payment, what is the impact to may remaining monthly payment?

jameshogg · Posted: Wed Nov 12, 2008 10:47 pm Post subject:

Hi Arnel!

As you are 90 days (3 months) late, most lenders will not be ready to accept a partial payment. You will have to pay the entire three months plus any fees. Otherwise, the lender will start the foreclosure process. Also the lender can report this late payments to the credit bureau and it will damage your credit report and score for seven years, unless you can get it removed.

Thanks.

Caron · Posted: Thu Nov 13, 2008 4:14 am Post subject:

Hi Arnel,

Do you wish to start paying from now? If so, then you can request the lender to add the past 3 months payment to your balance, so that you can carry on with your usual monthly payment. Otherwise, the lender may expect you to pay the 3 months payment in a lump sum amount.

Good luck

gmakerley · Posted: Thu Nov 13, 2008 8:08 am Post subject:

your first step is to contact your lender's servicing department or loss mitigation department, to discuss your situation. my assumption is that you're discussing a mortgage account, in which case you could be facing foreclosure unless you act pretty quickly.

three months' payments is a plentiful amount, and not easy to make up; so contacting your lender to see what alternatives you may have is imperative to solving this problem.

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