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What happens if you get behind a month on your house payment?

I am taking my ex back to court, I am now officially tapped out on lawyers fees. My only resort is to skip a house payment. I will make it up with my tax return. What will the financial company do to me? I have never missed or never have been late on my payments in over 5 years since I bought the house.

Please don't rake me through the coals. I am a single parent that has made it without the child support that is owed or the medicals bills that is also owed. I am now strapped and need help and this is the only answer I have. I can't refinance cause the house can't appraise for even what I bought it for--yes I have checked--

Thanks

 
Anonymous

Asked by Anonymous at 8:13 PM on Jan. 14, 2009 in Money & Work

This question is closed.
Answers (7)
  • it does depend on your mortgage company. I worked for a bankruptcy lawyer and some of the companies would start foreclosure procedures if you got up to 3 months behind. Maybe since you have been so good with your payments to them you could ask them if you could work something out, like a skip a pay thing. My car loan let me do this, it just tacks the payment on to the end of the loan. It never hurts to give them a call
    heatherann0221

    Answer by heatherann0221 at 1:23 AM on Jan. 15, 2009

  • Depends on your mortgage company.
    anetrnlov

    Answer by anetrnlov at 8:16 PM on Jan. 14, 2009

  • the interest goes up!
    Anonymous

    Answer by Anonymous at 8:18 PM on Jan. 14, 2009

  • It does depend on your mortgage company, but keep in mind there is something called a forbarence that you can make up payments if needed. You can ask your mortgage co for it. Typically if you only get one month behind they will let you make it up, but you have to do it quick and always make sure you have record of it.
    Anonymous

    Answer by Anonymous at 8:28 PM on Jan. 14, 2009

  • I used to work For a mortgage company in the collections dept. Nothing happens if your only a month behind. The company I was with did not do any type of forberance until after the 15th of the month. They will start calling though to see if theres a problem. Just explain the situation and have them note when you are going to pay ( a promise to pay). They really never started any real foreclosure until after 3 months of missed payments. As a bank they lose more money taking your house so they try to do everything in their power to help you keep your house. But remember to do a promise to pay or they will call you at least three times a day to say the same things!
    Anonymous

    Answer by Anonymous at 8:44 PM on Jan. 14, 2009

  • The only way your mortgage's intrest rate will go up is if you have an arm loan. If you have a conventional loan it's locked at that rate for the life of the loan. You will have a late fee charged after the 15th. I would just explain the situation and mention that you have never been late and I am sure they will waive the fee. I waived them all the time!
    Anonymous

    Answer by Anonymous at 8:47 PM on Jan. 14, 2009

  • I would be really proactive. Go talk to them first and explain what you are up against. Give them a date were you can pay them.

    My father in law got a new job and had to move. For three months they had to pay a mortgage, rent, and a car payment. He went to the bank and explained the situation. His bank worked with him and let him pay a partial care payment for awhile
    jcsscfam5

    Answer by jcsscfam5 at 12:48 AM on Jan. 15, 2009