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Like a lot of people, I lost my job four years ago and we've gotten behind. I have an interview next week and if I get it there is a good chance we'll be nearly debt free in 18 months.
I want to start rebuilding our credit rating and the biggest obstacle is we are 30 days behind on our mortgage. Has anyone ever gotten their mortgage company to re age their account?
I've made my last 7 months of payments on time, but of course, they don't count because they are applied to the past due balance. I'm planning on writing to them and explaining our situation is improving and we'll be able to pay our past due balance in full and that our remaining payments will be on time.
No they're not going to adjust past reported credit.
But you should call your servicer if you haven't already and ask if they will accept 1 or 2 P&I only payments if you bring them in together. You shouldn't just mail them in, you need permission. This means you will short your escrow account (you will need to make up the money later before your annual account reaudit or your payment will go up a lot).
If you could scrape together the funds to make 1 full payment and one P&I only, or 2 P&I only at the same time, that would get your credit report back to on time, and you can start slowly "getting over" all those 30 day lates.
Thanks. I've been paying a little extra every month trying to get current, which they are holding in suspense until it gets to a full payment. Perhaps they can apply that to P&I, and I can continue paying a little extra until the escrow is made up.
Banks do not have to accept to partial payments. I recommend you talk to a real estate attorney, they can start foreclosure proceedings once you are considered in default. No one wants to FC on a loan that could be repaid. You need to become familiar with the laws in your state, if only to be sure you don't receive a sucker punch while trying to catch up the mortgage.
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