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Old 09-17-2011, 10:38 PM
 
81 posts, read 244,187 times
Reputation: 92

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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, 06:52 AM
 
Location: MID ATLANTIC
6,484 posts, read 14,291,968 times
Reputation: 6163
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, 08:33 AM
 
Location: Richardson, TX
7,600 posts, read 13,951,926 times
Reputation: 16386
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, 01:09 PM
 
Location: New York
2,209 posts, read 3,503,160 times
Reputation: 1536
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, 02:05 PM
 
Location: Albuquerque
5,554 posts, read 12,339,373 times
Reputation: 2580
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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Old 04-26-2016, 11:17 AM
 
1 posts, read 750 times
Reputation: 10
Angry Missed Mortgage Payments

It sounds good to say "talk to your lender" I have lived in my house for almost 9 years. At the suggestion of my lender I refinanced to bring my payments down. This was at the beginning of 2015. However in October of 2015 I missed a payment. (My payments are on auto draft through my bank but they did not make that payment) In the meantime it seems both of my loans were still active according to my lender, and the September payment was sent back to me. I thought it was because it had gone to the wrong account and they were refunding my money. NO!!!! They had decided that I was 30 days delinquent so they refused that payment and all of the others that followed. When I tried to discuss this with them they said I could apply for a loan modification. However, after jumping through too many hoops to count and several months back and forth (all the while they are returning my checks and charging me FEES and PENALTIES for non payment.) Then they decided that because I had not had a full year without missing a payment, they could not allow me a loan modification. Again, same mortgage bank the entire time I have been in this house. The lady that I spoke to most during the LM process told me to send them a check for 3600.00 dollars and that would stop the process and then I would just need to send them a 1000 more and be caught up. So I sent the check and yesterday I got it back telling me that I need to send the full amount because they will not take anything less.
In comparison, my sister died a year ago, which means she had been ill and unable to make her house payments for almost a year before she died. I received another letter from her bank telling her the amount she is behind and if she will contact them they will discuss how she can start repaying and get current again!!! Unbelievable!
My mortgage lender assures me that it is legal for them to refuse my payments even when it was on 30 days behind! How is that legal or at the very least how is that justifiable?
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Old 04-27-2016, 09:26 AM
 
Location: New York
2,209 posts, read 3,503,160 times
Reputation: 1536
Quote:
Originally Posted by barj47 View Post
It sounds good to say "talk to your lender" I have lived in my house for almost 9 years. At the suggestion of my lender I refinanced to bring my payments down. This was at the beginning of 2015. However in October of 2015 I missed a payment. (My payments are on auto draft through my bank but they did not make that payment) In the meantime it seems both of my loans were still active according to my lender, and the September payment was sent back to me. I thought it was because it had gone to the wrong account and they were refunding my money. NO!!!! They had decided that I was 30 days delinquent so they refused that payment and all of the others that followed. When I tried to discuss this with them they said I could apply for a loan modification. However, after jumping through too many hoops to count and several months back and forth (all the while they are returning my checks and charging me FEES and PENALTIES for non payment.) Then they decided that because I had not had a full year without missing a payment, they could not allow me a loan modification. Again, same mortgage bank the entire time I have been in this house. The lady that I spoke to most during the LM process told me to send them a check for 3600.00 dollars and that would stop the process and then I would just need to send them a 1000 more and be caught up. So I sent the check and yesterday I got it back telling me that I need to send the full amount because they will not take anything less.
In comparison, my sister died a year ago, which means she had been ill and unable to make her house payments for almost a year before she died. I received another letter from her bank telling her the amount she is behind and if she will contact them they will discuss how she can start repaying and get current again!!! Unbelievable!
My mortgage lender assures me that it is legal for them to refuse my payments even when it was on 30 days behind! How is that legal or at the very least how is that justifiable?

BARJ47

Mortgage Modifications are a request, not a demand to modify your payments. The point is convincing the lender to change your payment. Also understand not every mortgage is the same. A majority of loans are Fanny or Freddy, there are FHA, and Private Loans. Each having different investors and guidelines if a borrower defaults on a loan.

As for your question – what your lender can and cannot do, is listed in the loan documents when you started your loan. My experience lenders can start the foreclosure process after 90 days past due (especially in non-judicial states). What is most likely happening to you at 30 days, your lender is sending a Letter of Intent to scare you.

Your sister passing last year could be grounds for a family hardship. If you were behind on the payments, and saying her expenses contributed you to being late. Saying it was her loan to begin with. Unless you or another person is on the loan. The bank is going to sell to home to family members first, before listing the sell with a realtor.

You saying going one year without missing a payment, they were denying a loan modification. This tells me there was a previous modification. It is a general rule with many lenders, before a 2nd modification is given, one year has to pass with on time payments.
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