Late with Mortgage Payment......

iVillage Member
Registered: 05-19-2003
Late with Mortgage Payment......
Mon, 05-19-2003 - 6:25pm

I'm a new member and have appreciated the advice here at this board for a few weeks.

I have a question that I was hoping someone might have the answer to.... Next month, I will be 38 days late on my mortgage (from the 1st due date) due to circumstances (large bill that wasn't planned).... do mortgage companies start foreclosures at this point, or do you usually miss two payments before they do?

We have alot of debt also, but can ususally make our minimum payments. It will take an inheritance to ever get out of debt though.

iVillage Member
Registered: 04-05-2003
Mon, 05-19-2003 - 10:45pm

Have you contact the bank that carries your mortage? My husband owns the house we live in and was laid off and then went from $11.+ to $8 job and we contacted the bank who had the mortgage they worked with us. If you call and explain the situation they 9times out of 10 will work with you.

They'd rather hear from you upfront then wait until forclosure.

We have had to call the bank that has our car loan and made an arrangement because my step son got married which was added expense they gave us two monthscar payment free.

Granted you'll end up paying more interest on mortgage but it's worth it to keep it.

I don't have a clue about forclosure and am unsure of what boards are here but you may skim through the boards and see if they talk about forclosure.

Just call the bank and calm down.

smile things will be better.


iVillage Member
Registered: 03-27-2003
Tue, 05-20-2003 - 5:46am

Please call it is so important. I have several times. They appreciate when you

call and set up a date when you will be sending in your late payment. Then they

will ask when you will be sending your next months payment. Give them a date that

you can really pay. I believe it's three months before forclosure.

Good luck, let us know how you make out.

iVillage Member
Registered: 03-31-2003
Tue, 05-20-2003 - 9:05am

This is something I am way too familiar with. It takes about three non payments for them to go into foreclosure. They did with my house. We were so late in order to keep the house we had to file Chapter 13 to keep it. My SO lost his job again and I couldn't keep up with the bills and they almost rejected our Chapter 13 to foreclose on our house because we were 3 months behind again. We appeared at the court hearing with our lawyer and had them suspend the foreclosure for now. With a promise to pay the next three months on time and on the third month to pay all that is backed up. I have been doing really well with the on time payments. I am going to be one payment short on the third month. Our lawyer said to just pay as much as the total due that we can. If they see you making an effort they will work with you.

As for your situation, since you are only a month behind contact them and explain the situation try to send them half if you can afford to but, let them know what you are doing. Because once you let that month go it gets hard to catch up.

Good luck.

iVillage Member
Registered: 07-11-2001
Tue, 05-20-2003 - 4:54pm
Since you know you have the mortgage coming out every month, and there are always unexpected big bills to pay - have you thought about a Line of Credit on your checking account? I have one to cover my mortgage payment just in case my checking can't cover the full amount that month due to the unexpected big bills. It prevents NSFs and the worry of not being able to pay my mortgage. They don't cost to set up and the interest you pay on them is fixed (at least through a credit union). The interest is only accrued for the time it is in the LOC. This way you can write the mortgage check and then just budget carefully till the next paycheck. It's an easy way to prevent worries. Just a suggestion.
iVillage Member
Registered: 03-27-2003
Wed, 05-21-2003 - 1:37pm
Every company is different. My company did not threaten that until we were over 2 mos (and almost 3) late. After being at least one month or more behind...I just made two payments today and glad that I did but so nervous. Trying to get on track.


iVillage Member
Registered: 05-19-2003
Wed, 05-21-2003 - 4:57pm
Thank you everybody for your advice and help!

It is just so scary, trying to do the best you can and not knowing what to expect... I have a feeling that my mortgage company is a very aggressive one.... they call non-stop, all day (by computer).