January mortgage is not paid

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.

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

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.

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.

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.

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.

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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.

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.

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!

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! :D

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

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.....

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.

My Experience with Countrywide would be to just pay the 2 payments and be sure ....BE SURE they apply it correctly... they used to be real.... &^%^&**&$*)_*(**^ about 4 yrs ago, but I think now with all the problems going now, they would be stupid to harass you over being late.

oops forgot to login, been soo long...duh! :roll:

what could happen to the money in the bank? You will be fine, it is great that you took the time to call them. I am glad that they were nice to you. Don't get the $12 thing, unless he means that you will be charged $12 for making you payment by phone. Is that how you plan on making it or are you going to send in a check which does not cost you anything. It is totally up to you, I have mine come directly out of my bank account through bill pay, it does not cost me a dime, you may want to see if your bank has this option or not, vs paying them a $12 fee. Just something to think about. Glad to hear that it has all worked out for you, I would pay it as soon as possible so that nothing does happen to the money. Keep us updated.

Well, I paid january's at the begining of February-- and we had a few added expenses to take care of too. So... needless to say now we STILl owe February. The good thing is, I"m expecting my tax refund any day-- so when that comes I can pay February and March's mortgages and be much better off.

I feel so down in the slums these days in regards to money. My ex-hub left me (and my current boyfriend) with all the bills and trying to catch up. I'm dealing with all these collection calls from ex-hub's credit cards and then the utility bills are piling up.

6 months ago everything was awesome and now bills are just piling up. I just want to cry.