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cbsmitley · Joined: 05 Jan 2009 Posts: 1 1.96 Dollars($)

Here's the gist of it.

I bought my home 3 years ago with no money down. 4 months later I left my job of 5 years because of the stress. I figured I could live for 2 years by slowly selling off a coin collection that I've been putting together since I was a young man. I'd lost interest in it and it was just money laying there so to speak. Last January I decided to start a small part time business painting homes for some side cash, and I ended up investing more in it than I'd thought. Also I haven't done last years taxes yet.

The economy tanked and I didn't make but barely enough money to survive. then a few setbacks in the last 90 days kept me from making my house payment... And I never called them and explained because I kept thinking well... I'll catch up at the end of this month.

So my 3rd payment was due Jan 1st of this year. And I figured I have the 15 days grace right? So I'm collecting from a friends small residential job I'd done for him and was explaining why I needed payed today, so I could make a house payment and avoid going into foreclosure before my monthly 15 day grace period was up.. And he informed me that there is no grace period on a 3rd late.... Oh God.

I come home and look in the mail box and there's a registered letter for me. I know who it is, it's US Bank. So I came on line to ask what will happen now. I have one payment, and can make the other 2 inside of 2 weeks, and not miss this coming months payment to boot.

I called the US Bank and they're closed till tomorrow. I can't lose my home, I'm single and have no family to fall back on. Couple that with the fact that I'm 50 yrs old... And just darn.

I can't sleep or eat since I got home and it's going on 2 am here now. Will US Bank let me make the payments and keep my home. After all I hadn't contacted them at all. I normally make my payments online, and I've been to their website and I can't make a payment. It says to call a phone number. Till now I'd never been late on it.

Please help me. Tell me what's up. What will happen and what should I do?

What is going to happen

jerry · Posted: Tue Jan 06, 2009 3:33 am Post subject:

Hi cbsmitley,

If you are able to pay the mortgage dues of 3 months to the lender immediately, then you should contact your lender. I think the lender will agree to it if you can pay the dues together. Once you pay off the dues, the notice of default will be canceled.

Thanks,

Jerry

Jessica · Posted: Tue Jan 06, 2009 5:59 am Post subject:

Hi cbsmitley,

I understand you were under stress but you shouldn't have left the job especially since you've had taken a mortgage. I feel it's time you look out for a part time job or something that will supplement your income from the business.

If your lender doesn't accept payments, you may have to work out an alternative option with the lender. Whenever you work out an alternative plan with the lender, you need to show him that you're earning enough to make the payments. Only then you can save your home.

Now in case your lender agrees to accept payments, will you be able to afford the entire balance with the money you're collecting from your friend? Does your loan doc mention any grace period? check it out first.

If you can make current payments including the dues, I think the lender may accept it. But at the same time, he'll make sure that you don't miss payments again! I mean he may give you a warning regarding the future payments.

Regards,

Jessica

gmakerley · Posted: Sat Jan 10, 2009 10:28 am Post subject:

cbsmitley, no matter how much time has elapsed, you need to engage the bank in conversation immediately. tell them what you can or cannot do, and be prepared to verify this for them. you may want to seek out a counselor from the local urban league or some other non-profit agency (check the hud.gov website) or retain legal counsel to lead you through this process. what i'm saying here is that you need an advocate - someone who can cut through what they're saying to you and help you get to a resolution.

hope is not gone. don't worry about the previous advice admonishing you for leaving your job, nor worry about the grace period of 15 days. that stuff is behind you - you need to cut a deal with the bank and find a way to get caught up rather than risk foreclosure.

do this now!

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I need help so bad