How to use credit card for mortgage

Avatar for julie364
iVillage Member
Registered: 03-26-2003
How to use credit card for mortgage
4
Thu, 05-07-2009 - 11:36pm
I am behind on mortgage payments. Sent in hardship letter/doc for modification. Still in some type of review??
Anyway if have a credit card to use(family member) do I pay online with credit card so it goes as a purchase? call mortgage service which takes western union quick collect and do over phone? take cash from credit card and send money order or check?
I just hate being in this situation and having to borrow and very uncomfortable dealing with all this. I can't handle it very well at all.
iVillage Member
Registered: 04-09-2003
Fri, 05-08-2009 - 3:46pm

Sorry you are in this predicament. I had to do this once, too, a long time ago, before you could pay online. I did it by taking a cash advance and I think we are still paying the interest on that thing! Anyway here are my thoughts.


If you do a cash advance and then pay with a check, remember that cash is usually charged a finance charge

iVillage Member
Registered: 11-17-2007
Fri, 05-08-2009 - 10:34pm

First, I would try to use the card for your payment that counts as a purchase no 3% fee.


If you can't do that then charge your food or gas and take the cash you would have spent on food and gas and pay the mortgage payment that is considered purchase to on a card and less interest rate and no fee also


Mary Ann.

iVillage Member
Registered: 02-19-2003
Wed, 05-13-2009 - 4:02pm

Hi there,
I just wanted to let you know that Carmen Wong Ulrich from CNBC's On the Money has answered your question on her show. You can find the video right here at iVillage.
I hope she helps answer your question.



http://video.ivillage.com/player/?id=1102254


Avatar for julie364
iVillage Member
Registered: 03-26-2003
Mon, 05-18-2009 - 3:48pm
thanks for everyone's input. I finally used it like a purchase from online banking. No extra fee on bank end. Not sure yet about mortgage company.
I guess it is all about money with them. They restricted my online payments. I don't see how that is a good business strategy.