Hi all. being that the end of the month is approaching, I have a question for you all. Due to a mixture of circumstances (Wife had emergency surgery costing $15,000+, which we have had to pay for and have not yet been reimbursed from insurance), And other factors ($12,000 undisclosed tax lien which was not covered by title insurance, As well as vacancies due to construction of some apartments I own, I do not have the ability to pay the mortgages of this months, which will go 30 days past due if not paid by the 30th. I would like to know as follows: I would like to call the mortgage companies, and tell them that she is in the hospital and ill, and is not able to pay the mortgage this month. There is a N.Y. law (http://assembly.state.ny.us/leg/?bn=A01492) that allows for two mortgage payments to be deferred until the end of the loan term, and extends the loan term by those two months. Will this ruin my wife's credit? or is this a protection for the credit reporting agencies as well? has anyone ever called a mortgage company and gotten a deferreal of payments for 1-6 months and the payments added to the loan term or paid in installments along with future payments? Or should I allow it to go 30 days past due and hope they don't report it late because its the first time this has happened. Thanks so much for all your responses, for which I am waiting in great anticipation!
Not sure about the law on mortgages there but I live in Florida and became late and unable to pay my car loan and deferred it like you stated and tacked it to the back of my loan. It just extended my payment by one month and allowed me to miss that one months payment due to not having work. It did not hurt my credit and did not show up as 30 days late either. Now, if you just don't pay and don't call then they will assume you have no intention of paying and that will hurt your credit. I know some mortgage lenders have depts that help people in financial trouble. I would call them and ask them if you could miss a couple payments and tack it to the end of the loan. Make sure you get it in writing though so if anything happens you have proof you made this agreement.
