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7000 Peters Creek Rd., Roanoke, Virginia
1-866-260-5994 |
CCCS of Southwest Virginia |
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Delinquent Loan |
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According to my mortgage company I'm behind one month, which I
disagree. But in order to protect our credit I'm willing to pay $200 a month for
five month for a total of $1000. Can they force me to pay that amount at once?
Can they sue me even if I'm willing to make those payments? Can they foreclosure
my house because of this?
- Virgilio
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Virgilio,
Do you
have proof that you are current on your payments? Check your bank statements,
mortgage statements or cancelled checks to verify payment. With proof, you and
your mortgage company can surely resolve the situation.
Without proof,
the mortgage company can request payment in full and does not have to accept you
plan to pay the amount in installments. Unfortunately, they are within their
rights to proceed with foreclosure. Let’s hope it never gets this
far.
Start searching for that proof and remember to keep detailed records
in the future.
Good Luck,
Susan
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I got two months behind on my mortgage and when I sent the
mortgage company one months payment, they refused it since it wasn't the full
amount owed for the 2 months I was behind. How can the refuse payment for a full
months payment??
Thanks, Kim
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Kim,
Your mortgage
company refused the payment because it wasn’t enough to bring your mortgage
current. It is very important that you make both payments due or the mortgage
company may foreclose on your home.
If you need help, you can talk with a
trained credit counselor 24 hours/day, 7 days/week by calling
800-762-2271.
Good Luck,
Susan
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I have fallen behind on the monthly house payment and the
mortgage company calls me three or four times a week to ask me when I will send
a payment. I have been trying to get them to lower the interest and monthly
payments, but they ignore my efforts. I want to rework the loan, but they don't
care. Is there anyway I can get HUD involved? Is calling this many times in a
week excessive [harassment]? What can I do at this point to get things back in
order? They say I owe them approximately $2,000 ASAP. HELP!!!
-
Poncha
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Dear Poncha,
You
can review the Fair Debt Collections Act on the Federal Trade Commission’s
Website at www.FTC.gov. From what you have written, it doesn’t sound like your
mortgage company has done anything improper. If being annoying was against the
law my brother would have been in jail years ago!
But seriously, the only
way you can obtain a lower interest rate or a smaller payment is to refinance
the home. This is not easy to do when your existing mortgage is
delinquent.
Unfortunately, HUD no longer provides any direct assistance
to homeowners who fall behind on their FHA mortgage.
Unless you make
arrangements to get current on your loan, the mortgage company will likely
foreclose on your home. It may be time for you to consider more affordable
housing.
Best of Luck,
Susan
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I purchased my first house December 2000. I lost my job in June
and have been unable to pay my mortgage payment for the past 3 months. I have
returned to work and although my income is substantially less I can now resume
paying my mortgage payments again. I am not able to make up for the missing
payments at this time, what are my options? I do not want to lose my home.
Thanks.
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The first thing you need
to do is contact your mortgage company to see what option they might be able to
offer to help you keep your house. There are many solutions to a foreclosure
through loss mitigation. A partial claim, a straight modification, a
forbearance, among others represent alternatives to curing a delinquent
mortgage.
Partial claim is when the mortgage insurance company on your
mortgage loan, lends you the money to bring your loan current. If your loan has
mortgage insurance, the insurance company stands to lose if you default. To help
keep you in the house, the mortgage insurance company may help you get current
on the loan. Many mortgage insurance companies have trained personnel available
to help people who are having trouble with their mortgage
payments.
Straight modification is an agreement that actually changes the
term of your loan. The modification could lower the interest rate and payments
to an amount you can afford. The lender could also use the modification by
adding the missed payments to your current balance. This could increase your
monthly loan payments so you would need to prove you can afford to pay the
higher payment without defaulting again.
A forbearance is a written
agreement where you send a lump-sum amount to the lender. Each month thereafter
you pay your regular payment plus half of your mortgage payment. For example, if
your regular mortgage payment is $600 per month, your initial lump-sum payment
might be $500 to $800. Then each month thereafter until you are current, your
payment would be $900 ($600 plus $300). Most forbearance plans are for three to
six months.
Many lenders are engaging in responsible loss mitigation
practices. Others are being pressured by HUD and their private mortgage insurers
to find ways to reduce their percentages of bad loans to get them back on track.
Many cities have programs designed to help homeowners avoid foreclosure. Please
call your city's main switchboard to see if your city has any such program .
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We recently bought a house and my husband lost his job with the
airlines.. We are not behind in the house just yet. We now have to relocate and
due to the recent developments in the world today, nobody is buying houses.. I
would like to know my choices. Can I turn over they keys to the bank? Or will
the bank let me pay the interest until next spring or summer when maybe things
are better in the economy?
Monica
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Dear Monica,
Open
communication may be the answer to your problem. Many lenders have policies in
place to help people in your situation. They are especially sensitive to those
affected by the 9-11 tragedy. Please call your mortgage company
today.
Turning the keys over the bank is not a desirable solution. It
would result in what is called a “foreclosure.” This would negatively impact
your credit for the next seven years and possibly prevent you from getting
another loan during that time. In addition, if the bank sold the home for less
than the loan amount, you would be responsible for the difference.
My
advice is to slow down a bit and analyze all of your options. While these are
emotional times, they still call for rational decisions.
Best of Luck,
Susan
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CCCS, A Division of Money Management International
Regional Headquarters - 7000 Peters Creek Rd., Roanoke, Virginia
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096 |
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