If you miss just one or two mortgage payments the bank will not take your property. Its a lengthy process which takes about 6 to 8 month. If you missed a mortgage I would suggest to be in contact with the bank and to let them know when you will make the missed payment.

When you miss a payment with RBC you can schedule to complete the payment on the next withdrawal of mortgage payment. Just call the bank and speak to one of the account managers if you need more then a month extension.

It will show on your record as 30 days late on a mortgage payment. However with the lender it will not be a great impact but you have to call and arrange the missed payment. Usually you can get away with 4 month no payment and then cover the balance. You can explain that you had a financial situation which you took care off.

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Like alot of other people out there, my husband and i fell on hard times and our mortgage is in default. we havent paid a full mortgage payment since last october (though we have sent them $500 here & there when we have the money). we recieved our 1st letter from wells fargo's lawyer saying our house is now going into foreclosure. we're in the process of trying to get a loan modification with wells fargo. so here's my question: 1) is it too late to try for a loan modification? 2) is there a way to save our home that doesnt include money? 3) what should we do from this point on. i'm really scared of losing our home. help!

If this is the first letter you have received from Wells Fargo then I am pretty sure it is a warning that your property will eventually be placed in foreclosure according to the state you are residing. The most important thing is to communicate with Wells Fargo and as soon as possible. Please explain your current financial situation to Wells Fargo. They might have a program or suggest ways in which you would be able to stay in your home. There are several things you can do to remain in your home, one of which is trying to get your mortgage loan modified as you mentioned. It is not too late to apply for this modification through Wells Fargo. In order to make sure you are qualified for any of the Wells Fargo programs they might have you must communicate with them. Also you must communicate with someone in authority that can make a decision about your options. If you are unable to make the monthly payments upon modification then you might possibly lose your home, there must be reality in making the decision in attempting to keep your home. If you are able to complete the modification documents sent to you by Wells Fargo then you will not be out of pocket for this transaction. If you are unable to complete the application for your modification, and you decide to use an outside firm for assistance in the completion of this application, the firm you decide to use will charge you a fee even if your are disapproved by Wells Fargo for the modification you applied for. You should be able to complete the forms with the assistance of Wells Fargo, so if a problem arise or something is on the forms you are not familiar with call the person Wells Fargo has assigned you for assistance. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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After months of reporting income and tons of documents given to us bank they finally decided they would help me with my mortgage payment. i was not behind but needed help. after papers were signed then i found out it would ruin my credit they would report it to credit bureau. they actually hold your money in an account to put you in default then send you letters demanding payment even if you are in a program of some kind. i was so angry i told them to stuff it. they said they have to by law report you. is us bank lying. they were going to let me make 1/2 of the payment for 4 months. it isnt worth it if you have your credit ruined and it stays on your record for years. is this true

It sometimes seems like honesty is rapidly becoming as extinct as the dinosaur. I hope things work out for you in spite of what things look like at this time.

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Apparently even people with good credit are falling behind on their mortgage payments at higher rates, just as the subprime mortgage problems are leveling off. the chairman and chief executive of jpmorgan chase described the outlook for prime loans at his bank as “terrible.” can the economy recover any time soon if the housing credit market is in such bad shape? http://www.nytimes.com/2008/08/04/b usiness/04lend.html?_r=1&hp& ;oref=slogin

It will get much worse before things turn around.

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I own a condo in las vegas, nevada which was a rental property until i was unable to find a tenant. now i can no longer make the mortgage payment. i am about $80,000 upside down on the condo, and i am concerned about the worst case scenario if i walk away from the condo. i am a permanent california resident, and my only other property besides the vegas condo is my primary residence, which is a moderate 1,300 sq. ft. house on a small lot. i'm semi-close to actually owning it, and have a decent amount of equity. with nevada allowing deficiency judgments, am i in serious danger of bank of america/countrywide coming after my primary residence in california? or am i just a name/account number not worth chasing after?

it depends and it's on a case by case basis. HOWEVER, the bank will send you a 1099 for the bank's loss and the 1099 is reported to the IRS and since this is a rental property, you will NEED TO PAY INCOME TAXES on the 1099 amount. It's time to talk with a lawyer.

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Explain economic success and what are the indicators? explain “economic conditions began to change”? what is meant by credit? what are interest rates? what is meant by “default on mortgage payments”? what is a mortgage? explain what is meant by the “sub-prime” market? what are “credit histories and low incomes”? what is meant by a “global problem”? explain “buy to let” and the “property ladder” what is meant by “ risky business activities”? explain paragraph four in detail. who used to own the ‘northern rock’? who runs the ‘bank of england’? give one function of the ‘bank of england’? why did customers withdraw their savings from the banks? what is meant by “nationalisation”? give three reasons why a government may nationalise an industry? give examples of high street banks? how do high street banks make a profit? explain the following sentence... “the treasury also increased the guarantee threshold to £50,000 for bank depositors, if their bank collapses”? how does “cheap credit” help to “finance spending”? how could debt be 180% of disposable income? explain the “citizens advice bureau” argument on the cause of the credit crunch? some people blame the fsa. why?

There is a lot of questions here and you could go in to a lot of detail regarding each one of them. Find yourself a tutor who can quickly help you out with these questions. Visit our website to find an on-line economics tutor who can quickly help you with these problems: http://www.HomeTutoringOnline.co.uk

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I've been in uk (scotland) for over 1.5 yrs now. i have a clean credit history here. however, i have a credit card default in india (about $400...disputed amount with the bank...they put some insurance on my card without my approval and started putting charges on it when i refused to pay). i have mortgage since over 4 yrs that has no missed/late payments. i also had two auto loans. both fully paid off and closed. i've just been offered a job with bank and i am worried to sick that this nasty default (in india) will cost me my job. would this cost me my job?

No it would not cost you the job. The credit reference companies in the UK, Equifax, and Experian only credit check in the UK, against your name at your home address.

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My mother just passed in november .a few months prior to her death she moved to an apartment due to financial difficulties( taxes and such on house).the month she moved her bank also got sold and switched to a new name.as of now i'm farely certain her mortgage is in default by 6 months. just a few questions maybe someone here could clear up for me.1 is what now happens to the house as she had no insurance on it in event of her death. 2.when i went to the bank to close her checking account i had them check on it for me and they could not find anything with her having a loan with them.i know they should have it on files because her new mortgage payment book was from the new bank. also all her mail is forwarded to my home and as of yet i have not recieved anything regarding forclosures or anything even about late payments..i'm just a little confused on all this it almost as if her home and mortgage doesnt exsist.

You should contact a title service company in your area to research the status. Look in the yellow pages under 'Title" and pick one. Explain your situation and they should be able to help you find the info you need for around $100. Good luck, and my condolences on your loss.

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We borrowed 125% in 2000 and have paid in over $80,000 on the 1st (borrowed $132,000)and $30,000 on the 2nd(borrowed $32,000) and owe more now as a pay off than we originally borrowed. i have since lost my job and so has my wife and we both are working for a lot less than we are accustomed to. we've had our home for sale since january and have had nothing but vultures asking about the house. (they want it for next to nothing and the banks would never accept such low offers) if banks can accept such low offers, how come they will not help us keep it by considering how much we have pd in over the yrs and reducing the amt owed so we can refinance for a lower monthly payment and afford to keep it? how can that be so unreasonable?

I am a mortgage broker in CA and am seeing this problem with many homeowners in my state. The most common solution I am seeing is whats called a "short sale". This is when the lender has determined that the borrower can no longer afford their home and is willing to sell the property at an amount lower than what you owe. Now, that doesn't mean you are totally off the hook but it is better to owe $20,000 than $100,000. If you wish to keep your home you may be able to contact your lender and try to get them to enter into a Forbearance Agreement. This basically means a lender will not take legal action against you, as long as you comply with a pre-arranged plan to get caught up. One thing you must understand is that you entered into an agreement with a lender to pay back a sum of money that you borrowed. No one wins in this case. You might lose your house and the lender is going to lose a boat load of money, and the lender will also lose an investor. As far as why your bank doesn't want to help you, I am not sure. It may be that they do not believe you can recover and taking the property may be a better way of minimizing thier loss. Its kind of like winning the lottery. You can receive a big lump sum now or you can get much smaller payments over a much longer period of time. Just like winning the lottery, you recieve more money by waiting for the smaller payments over time but you can do a lot more with a large lump sum you can get now. That is what your bank may be thinking. Also by reducing the amount owed and letting you refinance, your bank will lose and that will be letting you off the hook and it just doesn't work that way. Your bank has investors, shareholders, and employees to answer to and they are in the business of making money, not losing it. The biggest reason might be the simplest. Your bank doesn't have to re-do your loan since you agreed to pay it back on the original terms. That may sound harse but its the truth. Many people do not realize what is happening when they buy a home. Many people know an $80,000 loan at 5.875% equals out to a payment of $473.23 a month on a 30 yr fixed mortgage. What most people don't realize is that the total of payments equals almost $142,000! Thats almost double what you borrowed in the first place. It is unfortunate that your situation has taken a turn for the worse and I hope you can find peace of mind at some point. There may be some hope though. Fannie Mae is urging lenders to redo loans so homeowners can keep thier property and some new loan options will be available soon. Be sure to consult with a reputable mortgage broker or real estate agent for options you may have since the real estate laws very from state to state. If things get really bad, a BK attorney may be an option also. Good luck and best wishes.

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I watched all the news, but still do not understand what is happening. on msnbc they said over 95% of housing mortgages were being paid on time. they said we have 6.1% unemployment which is about the average over modern history. if most everyone is working and paying their house payments, then what happened to the banks? even when someone defaults on a mortgage, the bank still has the property the lent it on, don't they? i just don't understand why all the bailout money is needed?

bad lending practice caused people to foreclose their home/sell home then as prices of houses went down, companies lost profits as more homes were available for sale companies only care about profit and file bankruptcy to save their profits then more companies do same and soon it reaches the bank