HELP QUICK PLEASE!
Find a Conversation
| Mon, 08-24-2009 - 3:51pm |
Hi. I've posted here, awhile back. My question is: is it really bad to have 1 30 day late mortgage payment?? I see conflicting things about it on the internet. Would it be better if I paid my credit cards late through MMI? I'm on a plan with them...but I don't want to screw that up...they might drop us if I'm late.
I've put a stop-payment on the mortgage payment since we were trying to pay in twice this month so it wouldn't be late...but it isn't going to work, not enough money to pay a $3200 mortgage twice in one month!!
Any advice is greatly appreciated. We don't plan on re-financing and our credit rating is already not so great since we are on the MMI plan for the credit cards...and the mortgage co. said they would be willing to help with the late payment with pay back arrangements or tacking it onto the end of the loan.
thanks for any advice!!!


















Personally, since your mortgage company is willing to work with you, I would pay that late and keep up with the credit cards for this time. The reason being, you are already in a plan, they may drop you if you are late, and who knows what that would do to your interest rate. At least with the mortgage you know they are not going to raise anything on you within the next month. I would add it to the end if you could.
I do believe in the rule of paying for your roof over your head first, but you are going to keep making mortgage payments your just having a tough time this month. It does not sound like they would do anything to your credit rating where as I would bet the credit card companies would report the late payment immediately which would affect your credit right away. Hope this gives helps.
michele
Ok, I would say we need more information here.
Personally I would work with the mortgage company to get yourself caught up. It sounds like they really want to work with you, which is a blessing.
Hi Marie. There is not an option to sell my house. We would lose majorly on it. Our house is 3600 Sq. ft. in the Bay Area, ca. We owe 450K which is good for around here...but it wouldn't sell for that much more than likely in this recession. our payment also includes taxes and insurance.
We have 28K in CC debt through MMI, they will drop us if we are late...and they are better than dealing with the CC co's themselves.
I had hand surgery in May, so I was off work for awhile and that set us back. We just need to manage money better.
Thanks everyone for the advice.
Kim-
That was my point, the value is just perception.