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Old 09-17-2011, 09:38 PM
 
81 posts, read 139,137 times
Reputation: 86
Default Lender refused payment

For the last two years we have been bumping along between 30-60 days late on our mortgage. We finally hit 90 days down on our payment Sep 1st. Our problems are the result of my wife having had no income during this time, but she has recently obtained a job, and we recieved her first paycheck on the 15th.
Yesterday she called the mortgage company and they refused to take a payment. We now have all weekend to sit here with our imaginations running wild, we are scared and don't understand what this means. Are we in foreclosure? Will the lender give us an opportunity to catch up? With her now having an income, we will easily be able to bring ourselves current with the payment, and the payment itself is easily manageable for us on two incomes.
We will certainly be making some calls Monday morning to get some clarification on all this. Just sitting here chewing my fingernails, I had to ask somebody, anybody, so I'm posting this.
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Old 09-18-2011, 05:52 AM
 
Location: MID ATLANTIC
3,911 posts, read 8,245,269 times
Reputation: 2901
They have refused a partial payment, not the total due. You've crossed that imaginary line (90 days for most) where the lender thinks you will default.

Get in touch immediately with their deliquency department and talk to them about a modification. The fact she is now working should get you back on track.
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Old 09-19-2011, 07:33 AM
Status: "Back on the sunny side of the street!" (set 19 days ago)
 
Location: Richardson, TX
6,562 posts, read 9,914,794 times
Reputation: 13000
30 days late is a defaulted payment.

But yes, you need to call the loss mitigation department and talk about your options. You could see if you qualify for a mod, but most likely the first step would just be talking about a repayment plan to get you current; i.e. them agreeing to take 1.5 pymts per month until you are current, etc.
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Old 09-19-2011, 12:09 PM
 
Location: New York
1,092 posts, read 2,070,427 times
Reputation: 685
Quote:
Originally Posted by wuds View Post
For the last two years we have been bumping along between 30-60 days late on our mortgage. We finally hit 90 days down on our payment Sep 1st. Our problems are the result of my wife having had no income during this time, but she has recently obtained a job, and we recieved her first paycheck on the 15th.
Yesterday she called the mortgage company and they refused to take a payment. We now have all weekend to sit here with our imaginations running wild, we are scared and don't understand what this means. Are we in foreclosure? Will the lender give us an opportunity to catch up? With her now having an income, we will easily be able to bring ourselves current with the payment, and the payment itself is easily manageable for us on two incomes.
We will certainly be making some calls Monday morning to get some clarification on all this. Just sitting here chewing my fingernails, I had to ask somebody, anybody, so I'm posting this.
I speak with people in your situation every day - due to forum guidelines I am not pitching you, only discussing your options. You do not discuss enough of your situation to discuss what options you might have available.

The first thing you need to ask yourself - do you want to keep to home. If not, down sizing is something you need to look at. If yes - you need to determine if you have the income available to show affordability and apply for a loan modification.

To be approved for a loan modification - two things have to be present. Your income has to support your loan at 2% interest rate, and you have to be in a verifiable hardship.

Need to know what state you are in - it appears your in a non judicial state because by the Lender refusing to take your payment after three months. In N/J states foreclosures can happen with in 4 to five months after missed payments.

People in non judicial states are at a disadvantage compered to judicial states. It takes longer to foreclose in Judicial states because the Lender has to go through the court system. In non Judicial states - all the Lender has to do is contact an attorney to send out a thirty day letter notifying the house will be sold in 30 days.

Which leads if your paying on time, your lender can ague your not in a hardship because your making your payments. Which it you are late, in a non judicial state they can foreclose on your home faster.

Your hardship is obvious - I would add "Due to the slow down of the economy,....." That way the way it is said is you had no control over what happened.

Being that your situation is going down the path of no return - I suggest getting a Moratorium with your lender, so there is a legal pause with your mortgage, long enough to have a loan modification done. So that your payments can be possibly reduced, and your late payments restructure back into your loan (a fresh start).

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Old 09-20-2011, 01:05 PM
 
Location: Albuquerque
5,553 posts, read 9,251,353 times
Reputation: 2453
Why are people suggesting a loan mod here?
Quote:
Originally Posted by wuds
With her now having an income, we will easily be able to bring ourselves
current with the payment, and the payment itself is easily manageable
for us on two incomes.
It appears to me that all they want to do is get current on the "easily manageable" current loan.

The "call the bank and talk" advice is all that should be necessary.

Oh that ALL the 90-day-late notes out there were going to be this easy ...
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