What can I do about past due mortgage payments?

brenda_chambers · Joined: 11 Oct 2007 Posts: 4 3.56 Dollars($)

Good day to all.
I am currently divorced and disabled, and in a mess!
My mortgage is already 1 month past due, and within the next 10 days, it will be 2 months past due! During the hot summer months, my air conditioning went bad, my son became seriously ill requiring 2 surgeries and several MD referrals, and my own health condition deteriorated. I really messed up by obtaining a loan from xxxxxxx. Fortunately, or not, I am current on everything except for my mortgage loan. I want some advice before this goes too far. I have tried refinancing; however, I live in a manufactured home. My credit score is roughly 650 - not too bad, but not all that good either. I am really trying to do the best I can. Does anyone have any suggestions? Thanks in advance.

evolovik26 · Posted: Thu Oct 11, 2007 6:19 am Post subject:

you can try contacting your mortgage company and work out a deal to catchup with them

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Brenda,

Is your manufactured home on permanent foundation? Because lenders generally do not approve loan without this.

Is your credit score 650 after the late payments? If it was taken before that, I think you should check it now as late payments affect your credit. May be your refinancing option was turned down due to this.

It will be better if you talk to you lender about your problem. If you delay the matter it will keep on getting worse.

Guest 0.10 Dollars($)

At first, talk to your lender and let him know your situation. Now do you know, delay of each month's payment drops your credit score from 10 to 20 points. So if you think that you can't pay the mortgage payments, it's better for you to go for the deed in lieu.
Best of luck Smile

brenda_chambers · Joined: 11 Oct 2007 Posts: 4 3.56 Dollars($)

I really appreciate the questions and advice. My manufactured home is on a permanent foundation, on my own property, tied down, underpinned, with a front porch and back deck.
When I applied for refinancing, it was BEFORE my mortgage payments became late. I requested and received a credit report within the last 10 days, and my credit score still remained 650 at that time.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Brenda,

I do not understand why you were denied for the refinancing. The time between the application and the closing may vary from 30 to 90 days. If your late payments were in between that, the processing might have been stopped.

Could you tell me where you live? Because, if there are any better loan programs available in your state, specially for the disabled people, I would be able to inform you about that.

0.10 Dollars($)

Hi Jenkin7,
I live in Lugoff, South Carolina (Kershaw County).
I thought there were "programs" established to assist disabled people like me; unfortunately, I have not been able to find any - or at least, I may have been looking in the wrong places. Sad

Guest 0.10 Dollars($)

Sorry folks, but I forgot to enter my name in the last reply. (oops)
Please forgive my error.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Brenda,

There is one NACA's Home Save Program which might be helpful in your situation. They provide a refinancing program specially for homeowners who are at the risk of losing their property.

You need to fulfill their eligibility criteria in order to avail this. You can check them out here https://www.naca.com/refinance/refinanceCriteria.jsp

They have their office at Columbia, South Carolina.
You can contact them at (803)255-0223.

Hope this helps you.

michelle · Posted: Wed Oct 17, 2007 2:46 am Post subject:

Brenda,

I would recommend that you call or visit a local HUD housing counselor. They can review your financial information and assist you with negotiations with your lender to bring your loan current or to obtain a repayment arrangement. Their services are free. A link to all the approved counselors in SC is below.

http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&se archstate=SC#searchArea

NACA is also a great option if that works for you.

brenda_chambers · Joined: 11 Oct 2007 Posts: 4 3.56 Dollars($)

Hello everyone. I apologize that it's been so long since I logged into this forum. Unfortunately, my son has been ill and my mother recently had surgery. But all of this too shall pass......soon. Smile

I sincerely appreciate all of the advice and information.
For the latest update, my mortgage company is willing to work with me to play "catch up" on my mortgage payments; however, I will have to pay my current monthly mortgage payments plus 1/3 each month for the next 3 months (from November through January) in order to get caught up!
I am still checking into other options such as the NACA and HUD.
I will keep you updated, but please pass along any additional information that would be beneficial to me at this time.
Peace and love to all.
Brenda

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Brenda,

It is unfortunate to hear of your sad situation. Hope your son and mother recover soon.

If your lender is willing to work a catch-up, you may think about that if the plan suits you.

You should always try to see if there are other better options from NACA or HUD.

Have you already contacted them?

Your updates will inform us about your present situation and it will be easier to help you, if required.

Guest 0.10 Dollars($)

Hello Jenkin7,
My son is much better and back to school now, and my mother is getting stronger each day. Your well wishes are much appreciated. Laughing

I have not yet contacted either NACA or HUD. I did pull up each agency's web-site. Although I started the online application with NACA, I have not completed it yet. As for HUD, it appears that they will not assist with manufactured homes - perhaps I misunderstood some of the information. Question

I will definitely work towards completing the application today, or perhaps calling the agency instead, as the results may be faster.

Another update: I was approved for an energy assistance program that will pay for most of my utility bill starting November 1st!! Very Happy

I thank God for that!!
I will continue to keep everyone updated.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Brenda,

It is nice to hear that your situation has improved now.

Hope the energy assistance program helps you further.

Wish you luck for better days to come. Very Happy

All times are GMT - 7 Hours

Page 1 of 1