I am almost one month late on my mortgage payment with another payment due next Monday. I called the bank before I missed the payment and they agreed to work with me. Today I got a strongly worded letter from them saying I need to resolve the issue immediately. My money ran out - I was stretched as far as I could go. No more credit on my cards and retirement funds are tapped out. I do have some money coming in mid December so I can catch up with this. They are secure - $144,000 loan on a $200,000+ house. How much trouble am I really in? Any suggestions on what I can suggest to them to get more time? Any solutions you see other than catching up mid December? I am only paying necessary bills - gas, electricity, and so forth. No where else to cut back. Any suggestions on this would be appreciated. I plan on calling them in the morning tomorrow. Thanks
Karen Ask your lender if they have any sort of a forbearance program that will allow you to skip a payment and have it added to the end of the loan. If they do, that would be a quick solution. fla-tan
Have you sent them any part of the payment? You might consider calling gas and electricity and telephone to ask them if you can postpone payment until next month, then apply that amount as a partial payment to the mortgage company. It's been my experience that utilities don't treat it as such a big deal if you are 30 days late w/ their payments. If you live in a cold-weather state, most utilities are by law prohibited from shutting off a customer in winter unless they are 120+ days late (laws vary by state)
My problem is that the mortgage payment is about $1500 per month. Cutting back on everything else will not get me even close. And, there are things I have to have, like food and medicine. I will call them shortly and see what they will do for me, if anything.
I would not normally recommend this, but if you are absolutley sure you can catch up in mid december, maybe doing a pay day loan would be a one time emergency action. you have to be completely sure that you can pay this back,.. the interest will be very high, but you will avoid being 30 days late if you get the cash... I have never done this but I have friends who have in situations similair to yours. fla-tan is right, if they have some forebearance program that would be the best
problem solved I would never get a payday loan. They are brutal I just called and talked to two great customer service reps. I explained the problem. The first rep said she would waive the late fee and block the credit report (that means they will not report it to the credit bureaus). She then transferred me to someone who could help me further. The second rep told me she will psotpone the payments until the end of December. If I cannot pay at that time, they will work out a hardship payment plan. Their rule is that you have to be two months behind before they will put you on hardship. I have my checking account with them so I was concerned that they might use their right of set off (or is it offset?) to take everything out of the checking account, causing everything to bounce. I will have enough money by mid month to pay, so this will solve the problem. Thanks for your help. I guess I worried more than I needed to. Incidently, it was Bank of America, which has been very good to me.
Re: problem solved Glad you worked that out....BofA holds my mortgage too, and I'm very happy with them also!
Re: problem solved Karen Glad that you were able to get them to postpone payment. That is great news. fla-tan
Re: problem solved Good Karen, I'm glad it worked out. But I'd still move my checking acct to another bank, pronto!
Re: problem solved I agree with marci, get another checking account ASAP! I'll pray that things work out for you! cariba
