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jeffc762 · Joined: 30 Nov 2006 Posts: 5 3.46 Dollars($)

I'm only in my second month with a new mortgage co. I was late on my first payment, and now because I was out of work for a few days I will be late this month. The payment was due on the first, before the tenth at the latest. It may be the first week of January before I get the money to pay the payment. Can they take my house because of that?

helping_user

Hi Jeff,

Welcome back.

charlesarmbruster · Posted: Fri Dec 15, 2006 10:48 am Post subject: what should I expect

Settle down, now -- let's keep some perspective! Your mortgage is due on the 1st of every month, and you have a grace period until the 10th. After that, you simply have a 'late-fee' when you pay between the 11th and the 30/31st. AFTER the end of the month, you are now late. Yes, this doesn't look good to your creditors or the credit bureaus, but no one is coming for your house. Not until you are 120+ days late on a payment (more than likely) will you recieve notice to this effect -- and, you would have contacted the lender well in front of this to describe your circumstance and ask their advice on how to get current. Take a deep breath and relax, please.

Guest

Thanks Charlesarmbuster, I did call the mortgage company and we worked out arrangements. It easy to get uptight in these situations, its been one bad break after another for my wife and I this month.

sitalotbeach · Joined: 03 Nov 2006 Posts: 48 23.63 Dollars($)

Depending on your mortgage company and what is in the contract, usually you have a few months before they start foreclosure. The bank does not want your house. However, if you have a loan with a private lender they could start proceedings in the first month. Have to read the contract to know exactly.

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What should I expect