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Old 11-30-2010, 09:09 PM
 
136 posts, read 479,861 times
Reputation: 67

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Hey everyone I am going to be 30 days late tomorrow should I call them or should I just blow them off an pay when I can.

I can not pay till mid janarury I will be 70 to 80 days late i will catch up before 90 days

my plan for now is to be 70 to 80 days late an bring current.

If there anything that can happen other than late charges an credit hits

If I pay every 70 to 80 days bring current
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Old 11-30-2010, 11:33 PM
 
Location: Columbia, SC
10,891 posts, read 21,846,800 times
Reputation: 10485
Call.
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Old 12-01-2010, 08:44 AM
 
136 posts, read 479,861 times
Reputation: 67
Thanks when i call what is the best thing to say ..should I be honest an tell them I will make current after 70 to 80 days..


I will not have the money till them, unless I will lose my house them i will come up with it.

I have a 30 yr fixed I think fha I put 20% down if that means anything

I hear with this loan it is easyer to for close on me (not sure on that) I live in California

Thanks
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Old 12-01-2010, 08:54 AM
 
Location: DFW
12,229 posts, read 21,380,398 times
Reputation: 33264
They can't work with you if you don't return their calls. It will hurt your credit and they could choose to not accept your late payments if they want, so they could foreclose. If you call and tell them your situation and your catch-up plan they will be far more likely to accept your late payments.
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Old 12-02-2010, 02:06 PM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,191,995 times
Reputation: 21885
If someone owed you money and they had a plan to make the debt current but it will take them a while to do that, wouldn't you want them to tell you about it? Also is this something that you will be doing often? Your post seemed to read that you will be paying every 70 to 80 days. Does that mean that you will be paying 2 and a half or 3 months rent at a time? Lets say that you paid 90 days late. Are you going to be paying them 3 monthly payments at that time? Or are you saying that you will be paying for a single month in that time frame, meaning that for now you will always be 70 or 80 days late?
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Old 12-02-2010, 02:26 PM
 
Location: Boise, ID
8,046 posts, read 28,356,590 times
Reputation: 9469
I have seen Notice of Defaults (foreclosure notices) be filed as quickly as 45 days after a payment is not made. If that happens, I would assume that the penalties would be quite high. I don't know in California how long you have between a Foreclosure notice being filed, and the foreclosure sale actually happening. In Idaho, it is 120 days, so you could bring it back current in that time, but it would be very cost prohibative to do this repeatedly.

I would advocate finding some way to avoid this, but if you have no other choice, I would definitely advocate calling them.
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Old 12-03-2010, 11:39 PM
 
4,536 posts, read 10,579,047 times
Reputation: 4068
Since you are able to catch up, or come close to it in a relatively short period of time, you absolutely have to call. They are going to go through whatever procedures they use when someone is late anyway, but it should help you if you have a notation on your mortgage that you are going to submit payment on a particular date(obv moreso once you follow through).
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Old 12-04-2010, 01:54 PM
 
Location: MID ATLANTIC
8,643 posts, read 22,790,328 times
Reputation: 10461
What kind of loan do you have?

If it's an FHA mortgage or a VA mortgage, there specific guidelines to assist with hardship cases. The servicing lender must follow those guidelines in order to participate in either program.

If you have a conventional loan, you still could receive help. As others have said, call. They will take your information and let you know your options.
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Old 12-04-2010, 02:06 PM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,670,093 times
Reputation: 6944
Call your lender, be honest and stay in communication with them. Ask them who you need to talk with to get a mortgage forebearance agreement. It might be the loss mitigation department but it might be another department. Compared to most of the calls they get (and a lot of the calls they never receive) yours is a 'good' one.
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Old 12-10-2010, 10:44 AM
 
Location: Hialeah
809 posts, read 2,307,459 times
Reputation: 359
They will work something out for you. I was behind exactly one payment for about a year! The previous month would be over, and I would send the previous month's payment when I got my first paycheck. So, I was always about 30 something days late.It wasn't until I paid much later in the month that they decided not to accept my payment. This was not something I was proud of; my finances just changes and at the same time my escrow increased.
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