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Posted: Sun Jan 20, 2008 11:54 am Subject: January mortgage is not paid

We ran into a big financial mess, and have not paid January mortgage. We are going to pay that one this week, and be able to pay February's mortgage on time. I've NEVER been late or behind on the mortgage-- but this month has been crazy with the NSF fees, and our funds being all messed up with no employment. My soon to be ex is supposed to be paying part of the bills, and has not worked since October. he is now 3 states away from me. My new boyfriend is working hard to pay the bills, but he just started there and we had to waite a bit for his intial check. Things will hopefully look better at the end of February.
Anyway, I can only pay PART of my January mortgage, but intend to pay the rest and February payment on time.
Do you think Country wide will take a partial payment for January? It's only going to be about 150.00 short (and that's including the late fee). I'm hoping they will work with me. I've never had to do this before and I feel horrible, but that's life, huh?!

Posted: Sun Jan 20, 2008 1:11 pm Subject:

I will say congrats as just barely 1 month behind is a LOT better than most in the US right now...default rates are at an all time high. I used to do mortgage servicing for the bank I work for right now, and I can tell you that a short payment will not advance your due date...in other words, it will still reflect a Jan payment owed until the difference is made up.

IMPORTANT: Contact Countrywide and let them know...communication is key. If you can make up the $150.00, plus Feb payment in Feb, you're doing ok.

Posted: Sun Jan 20, 2008 2:11 pm Subject:

I agree with Volley that is good to only be that far behind. I would think that if you contact them and explain your situation they will be willing to work with you considering the high rate of foreclosures.

ladybug

Posted: Sun Jan 20, 2008 2:28 pm Subject:

I agree with both of these posters, you will be fine, just give them a call and let them know, you should be proud of yourself that you have kept it up to date this far. They should have no problem with this, in fact they may have a program to help you out. Don't sweat it, just call them, you will be okay.

Posted: Sun Jan 20, 2008 3:15 pm Subject:

A lot of banks offer a deferment plan, you can actually tack a payment onto the end of the mortgage and not pay this month at all. However, there are fees to do this, and if you are only $150 short it would probably be better just to pay 2 payments in Feb. You will be ok, I don't think anyone would even consider foreclosing over one payment behind! Relax. Make sure you call them, though, and explain the situation.

Posted: Sun Jan 20, 2008 3:30 pm Subject:

Just make that Feb payment plus the Jan remainder asap so you dont run the risk of a 30-day late for Jan.

And yes, for the deferment plan (aka loan mod) there are fees and you will have to turn in documents to reflect a hardship. For this case, I agree and would not recommend that. In addition, deferring a payment will put you in a world of hurt if you have a daily simple interest loan.

Guest · Posted: Sun Jan 20, 2008 7:14 pm Subject:

You will be hit with a 30 day late until you catch it up. I had this happen one time. My wife accidently paid exactly $200.00 under our payment and we didn't hear from them for two months. Our report showed 30 days past for three months in a row.

Posted: Sun Jan 20, 2008 9:31 pm Subject:

Posted: Mon Jan 21, 2008 7:16 am Subject:

They really should have no problem with it as long as you call them up and explain the situation to them, you have always been a good customer, if you are only going to be late with this one, then payment deferremnt and the other plans may not be the way to go. Call them and see what they have to say, I think you will be surprised that they will be happier that you called them and are working it out as soon as possible. You should be okay.

Posted: Mon Jan 21, 2008 10:54 am Subject: January Mortgage payment late

Best thing to do is call them and explain the situation. They should work with you on a late seeing what is going on in the mortgage industry. Especially Countrywide.

Posted: Mon Jan 21, 2008 2:38 pm Subject:

Thanks everyone. I am so nervous, but you guys have made me feel a bit better. I will be calling them this week to pay them and hopefully everything will be okay. Thanks everyone!

Posted: Tue Jan 22, 2008 8:43 pm Subject:

I am sure that you will be fine. I think it is great that you show this much concern about it, most would not care and send it in late.

I am sure that everything will be fine, please keep us updated, we like to hear good news! Very Happy

Posted: Wed Jan 23, 2008 10:06 pm Subject:

As hard hit as Countrywide has been, I'm sure that they'd be glad to work with you on this.

Posted: Fri Jan 25, 2008 6:56 am Subject:

I called them yesterday, and to my surprise--- they said it would be BETTER for me to just pay both January and February when I have the February money on the 6th. They said it would be better than paying the partial payment yesterday, and the rest next week because I would have two (12.00) phone charges and we would have to call back in a 3rd time to make the sure the funds were applied correctly. I didn't really understand it, but the guy was so nice and it seemed like he knew what he was talking about.

I'm still nervous now because we have MOST of January's money now, and next week we will have all of January's and February's. I'm just so scared that something is going to happen to the money that's in the bank now.

You know how it goes.....

Posted: Fri Jan 25, 2008 7:29 am Subject:

Nice job calling them!

I know what he means about the funds not being applied correctly...when we had people sending partial payments where I worked, sometimes the $$ would be applied to the principal and not held in suspense for the rest of the $ to come in. Getting that reversed and reapplied is a real pain.

Relaly hunker down, be disciplined and do not spend that money! This is your mortgage here.

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