They repossessed mine after missing two payments. So I would have to say yes they can.

ON Canada - contact your bank and find out if there are programs to allow you to miss payments during hard times . Always speak with your lender if there are issues to prevent any problems with the mortgage.

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We were supposed to close on our refinace sept 10th, so i did not pay sept mortgage, now the payment is late and the loan doc's won't be ready til thursday. is this gonna be a problem ?

You have 30 days to make your September payment before it reports as a "late" on your credit report, while it is not advisable for you to NOT make your Septembers payment, your refinance loan won't be in jeopardy until it is actually 30 days past due (due date being the 1st of the month). September's payment will be paid either by you making the mortgage payment now, or it being paid off through the refinance. I don't know your exact loan situation, so I would recommend you pay it now... your mortgage broker can just update the payoff demand (piece of paper which says how much they are owed on any particular date) from your existing lender if you decide to make September's payment before the refinance loan funds.

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Hi was wondering if i ask the bank to delay my mortgage payments for 6 months, so that i can use the money to pay off high interest rate credit cards. would they do it?

uh...no.

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I get into a loan modification last dec 08 using a third party. i skip 2 months due to job lost, but got a new job on march 09 and continue to make my monthly mortgage payments. the loan modification started on aug 09 when countrywide was sold to bank of america. after my third payment on the test period (3 months) the bank contacted me and said that one document wasn't provided and that i have to get into 3 months again after providing the missing document. so now i have to make my 2nd payment on the second test period that will end on dec 31st 09. some comments about it are that the bank is just delaying and or playing games to force you to fail on your payments. my salary covers the mortgage but i owe more than the real $$$ value of my house. i am considering the option to leave the house and rent, short sale or rent it and go to rent but nobody is renting for 2000 dlls in this area. what would be the best thing to do?

you did not contract to buy the house with a condition as to the house retaining its value. you car does not keep its value. keep making the payments. in 3-7 yrs, the value will return to its former HIGH.

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It has now been 8 days past the contracted closing date. the mortgage company says they need more time. they have offered to pay the first months mortgage payment if we agree to give them another 2 more weeks. since it is already one week past the contracted date, aren't they already obligated to compensate us for not having the loan ready to close?

They shouldn't need more time and it's time to call the Branch Manager and find out what is holding up your loan....TODAY. If they tell you they can't, then I can tell you right now it's pure BS...they ALWAYS know what is holding up the loan. I have closed loans in as little as 24 HOURS from start to finish, so 8 days past the closing date is ridiculous. Are you going through a broker by any chance for the loan? I have a feeling that they are having trouble getting your loan approved and are shopping it through various wholesale lenders and that is why they need more time. Assuming you have a completed loan application and have provided them all income docs and/or tax records as requested, here are the only things I can think of that is holding up your loan...get them to provide you with a list....trust me, this is important because at this late state, if your loan doesnt' get approved you could get sued by the sellers. 1. See if the title work has been completed or has issues. 2. See if the survey has been completed, if required. 3. See if the appraisal has been completed or has issues. 4. See if they are trying to get something cleared off your credit, such as a debt, collection, judgment, etc. That's it...so as soon as you read this, CALL THEM.

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I dont have a victim mentality but a perfect storm of stressful events screwed me up this year. i had major death in family, an absuive exbf stalking me, 2 major surgeries and was let go form my job 2 months ago. i also was dating another guy who went from mr perfect to a complete nutball a man wiht borderline personality disorder... so i have been stressed and have sitll tried to keep on top of my finances. i have a great new job starting january 1st, but kne wi would have to wokr temp job all december. i did some side work and was due 3000 to pay bills. the person paying me has messed me up so much by delaying their payment for 2 weeks. hence i have missed a mortgage payment first time ever. called my mortgage company and they dont care. the payment will be made within 30 days of due date though as long as the 3000 check come thru (it will cover two mortgage payments) im freaking out , should i worry about this hurting my credit too much ?

well any late payment reflects on your credit. Some of the creditors care less and some are really anal about reporting you. It's just about how you judge the situation. a mortgage company should be able to understand the situation. And thus more lenient. If they're acting like punks, just don't mind it and pay what you can. you'll be alright.

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We had a family bereavement several months ago leading to funeral cost and fell into arrears with our mortgage. the lender misled us into thinking that low payments are better than nothing at all so when we were served with a court date we were very surprised. we managed to find the money and pay it off however, this has had a knock on effect to future payments in catching up with everything after having to find a lump sum. today we were served another notice to be out in 2 weeks even though they only applied to the court on friday. we can't find the money from anyone (believe me we've tried!) and i have filled in a form at the court today and have a hearing on thursday to delay the eviction warrant. we have another lender who has agreed to re mortgage our home and they reckon it will complete in 3-4 weeks however the eviction date is in 2 weeks. how likely is it that the judge will grant us an extention? please only reply if you have genuine advice as we are stressed enough. thanks

you could try the free advice from the CAB or use any solictor for the half hour free consultation,but personally I would go to the CAB tomorrow (don`t delay it ) they can act on your behalf and make those all important phone calls, I hope this helps , but do it in the morning,just get thier number give them a call and stress the importance of seeing a representative that day,,good luck...

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I have a good credit, was never late for any payment and i did purchase a home in november of 2005. with the hope that i was going to get home equity, refinance and get money to pay my debits, i realized later that it wasn't going happen because of the bad property value market for sellers in massachusetts today. the house was purchased for 420k and the current appraisal is about 390k. well, that said, i need to act soon. since things didn't work the way i planned, today i owe 24k in credit cards, 7k in school loan, 9k in auto loan, and 5k in other loans (total about 45k) an average of 1k of minimum payment per month and my mortgage payment is 3,200 per month. the other services bills such as oil heat, water, sewer, electricity, phone etc. sums up to 1k per month. i feel that everything is out of control. also, i have a family member that's really ill right now and he's living with me. my job is not profiting as it should and my salary has been cut down a bit. i make now 1k per week after taxes which hasn’t been enough to live normally anymore, and i haven’t mentioned food and other normal life expense such transportation. i had some cash reserve that i was able to keep payments up to date. now i have an average of 6.2k of bills per month and i earn 4k per month (2.2k per every month behind). since 2000 i have never delayed one single bill payment, but now that the cash reserve is gone i’m really afraid what’s going to happen from here on. what can i do in this situation: short sale, foreclosure, debit consolidation, bankruptcy? please help!

I know how you feel. One thing you might check into is a credit counseling agency. They can work with your revolving accounts, like credit cards and get your payments down a little bit on them. Look in the yellow pages in your phone book. Can you refinance your car? That's another option you might want to check into. Would you be able to pay off your mortgage if you sold your house for the 390K? If you can rent for less than 3200 a month then you might want to consider selling and renting until you get back on your feet. Another option is to try to find a second job. Something part time or doing sales. If none of the above options work for you then here's what can happen. If you stop paying the credit cards, they will start calling you and bugging you. You don't have to answer the phone, of course. Most of them will keep the account for a while and then they'll call it a charge off and they'll sell it. Whomever they sell it to will call you. After a while they will want to settle for less than you owe. Of course, your interest accrues until then. Every now and then there will be a bank who will take you to court and put a lien on your house. I speak from experience. My husband was out of work for a few years and I just couldn't pay all of our bills. I figured we needed a place to live and utitlites and food more than we needed to pay the credit card bills. Now, I've been paying settlements because we are in better shape financially. Out of about 7 accounts, only one took it to court and put a lien on our house. The plus to the lien is that there's no more interest. I've settled with about 4 of the others and am making payments on one more. I think there's only one that I haven't done anything with yet besides the one with the lien. My point is, if you stop paying your credit cards, the world isn't going to end. It might give you time to regroup. Of course, our credit scores went down. That's a given. But, sometimes you have to decide which is more important, food or credit score. If you don't pay your mortgage the house will get foreclosed on. You'll have to move but you'll be out from under the payments. Check your library or book store for a book called, "How to Sell Your House in 5 Days." It might help you. Good luck to you. I've been there and it's not fun.

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This is what is happening: my in-laws had to defer two sequential monthly payments on their mortgage due to a financial hardship. the mortgage company agreed to do this. since that time (this past summer) their house payments have been ontime. this past week, the mortgage was sold to another company. the new company notifited the in laws that they want payment for the 2 deferred months to be made along with their next house payment. they have chosen not to honor the arrangements made with the prior mortgage company. to top it all off, this company has raised their payments by $70.00 a month. is this a common practice? is it legal? is there anyway around it? the new mortgage company mentioned the possibility of foreclosure if their new terms are not met. being on a fixed income (a delay in receiving disability checks is what caused the deferrment to begin with) prevents them from being able to pay the two deferred months, not to mention they are going to have to dip into the money they use monthly for medications in order to come up with the additional $70.00.

The $70.00 increase may not be due to changes in what the mortgage co. is receiving. It may be that their escrow account needs have increased. If this is the case, they should have received a notice of this from the mortgage co. Often hazard insurance and taxes are paid out of the escrow account. Changes in the amount of taxes or insurance premium should be the only reason for change in monthly payment on a fixed rate mortgage . Check with the county appraisal district to make sure that they claim all exemptions for which they qualify (homestead and senior citizen etc.). Many insurance companies are raising premiums lately, so this may be the reason for increase. Mortgage companies also typically call for the suspended payments to be paid in full at the end of the period they were suspended for. See the attached link for possible solutions. Ask the mortgage company if they can make partial payments for the amount that was deferred. There also may be additional assistance available since the bailout:) Good luck!