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mortgage company advice


Posted: Sep 23, 2010

I made a very poor job decision at the end of May and tried to stick it out through June and July.  Realized that what the company promised in terms of production and editing pay was never going to happen for me and have since found a wonderful place where I can make enough to pay the bills. 

My problem is my mortgage didn't get paid in June and July and I was only able to pay half in August.  I'm paying them more than the minimum this month and every month from now on I have budged $300 over the minimum which will take me about 6 months total to get completely caught up.   I had not to date called the mortgage company to talk about terms or negotations, or what have you, because I knew when I started the new job I could get things caught up.

So today I get a letter saying that if I don't get the entire past due amount caught up in 45 days they are going to accelerate the mortgage and possibly start foreclosure proceedings.  At the bottom of the letter is says "hey, call us.  We want to help keep you in your home."  I am paying them $800 tomorrow as soon as my check hits, and I have planned on $1000 next month.   The actual mortgage amount is $700.00.

The kid at the mortgage company basically said that because I had a new job and it was 100% commission, they couldn't verify my income and there was nothing I could do and I had to give them the whole amount that was past due.  I kept explaining that if I had it or could get it, trust me, they'd have it.   After 30 minutes of beating my head against a wall and yet still trying to be nice because I don't want to **** him off and have him notate my file somehow, he is going to send out some sort of hardship assistance packet and IF they can verify my  income with my last two pay stubs and last year's taxes, then they might be able to help me. 

I want to pay them.  I'm not making any excuses.  Has anyone else been there and done that and does anyone have any advice?  I don't want to do anything like a bankruptcy.

;

Mortgage company - Eurosepsis

[ In Reply To ..]
My neighbor just went through something similar. Bottom line is that they would rather give you time to catch up than take it any further. They threaten a lot in letters, mostly to get your attention. Basically, as long as you have gotten in touch with them and are actively working on it, they usually come up with a way to help you catch up. Showing good faith on your part will be a huge thing in your favor.

Just keep in touch with them and keep making extra payments, and most importantly, if you have to make definite arrangements, make sure you stick to your promise. Your good word will mean a lot if something should, God forbid, happen again in the future.

Good luck and you should be proud of yourself for making things right. That's a rare trait nowadays :)

So you did call them, but was told that you had to - sm -

[ In Reply To ..]
had to pay it in full anyway? I have never had a mortgage but do have some debt issues and am on two hardship plans with two credit cards. I just called them, explained my problem (inabiltiy to pay what was due) and the stuck me on a plan. Now we are both happy. I still pay a hefty chunk ($410 to one and $330 to the other) and my balances are dropping. I would think that if you can set it up with them to pay an extra $300 a month until you are caught up that they would jump at that. Believe me they do not want to foreclose on your home, and you would probably be caught up in anycase before it got to that point anyway. Try calling again, talk to a supervisor, etc. Just be open and honest with them, they will work with you just keep at it and get the right person on the phone. Good luck.

thanks for the replies - Have some questions

[ In Reply To ..]
One of the other things this kid at the mortgage company told me was that since this acceleration letter had gone out, they would not accept any money other than the full amount that was past due. He's already been proven wrong, since as soon as I got my check in the bank yesterday I went online and posted a payment and they accepted it. It hasn't hit my account yet, as it takes about two days, but I should know for sure on Monday if they've taken my money.

If they have, then I feel a whole lot better about the situation, and I'm not going to worry about the information that this kid gave me, as apparently some of it was not correct. I am just going to work my hands off for the next several months and I think I can pay double in November and December and that catches me up.

So frustrating, though. That job that I had tried in June had so many signs from God that it was a bad idea and I didn't listen, and boy am I paying the price for that. Next time He clearly tells me something, you can be sure I'll be paying attention.

I would think that in the future... - Kendra

[ In Reply To ..]
(of course it is too late now), it would be best to call them immediately when you are going to get behind to make plans to work it all out. The bank REALLY doesn't want to own your house, but they don't want to continue to lose money on it either. Most bill collectors are more than ready to help you out, as long as you maintain open and easy contact. As for this time, move up the food chain. If the first person you talk to doesn't answer the way you would like, ask for his supervisor and do this over and over until you get someone willing to work with you.

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