You should contact your bank right away and explain your situation and arrange the missing mortgage payments asap . You should not have a problem if you do that. Make sure when ever you miss a payment to keep in touch with the bank and let them know what`s going on.

Yes, if you keep the bank in the loop when ever there is a problem and a payment will be delayed. Usually the bank is ok when you keep then in touch and make the payment at your earliest convenient. If you speak to your creditors you always can have a solutions which will give you some time to resolve the financial situation and to keep your mortgage.

If you miss one mortgage payment nothing will happen if you contact the bank and tell them about your missed payment. In 100% of the cases bank will allow you to make the payment with your next months payment. Or you can get the bank to withdraw it as soon as the funds become available on your checking account. You can do this if the bank where you do daily banking is the same as your lender.

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We have not paid our mortgage for 2 months now. the mortgage was under the bank where we also have some money left in my savings account. can the bank hold my money in their bank or worse get it to pay for the 2 months and penalties? we can't afford our mortgage now, the bank said that they cannot modify our loan unless they see missing payments.

the other three poster are WRONG. For example, if you have wells fargo for the mortgage and wells fargo for the savings account and you get past due on the mortgage, wells fargo CAN!!!!!! freeze your savings account I'm 100% sure of this.

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I'm currently going through a divorce and my property has been up for sale for months. there is a secured loan on my house and as i am paying for the upkeep of my children my husband agreed to pay for the mortgage and loan. i moved out last year and he has also moved to his sisters so no one is living in it. last night he sent me an email to say that he had missed a payment as he could not afford it. he contacted the bank and they said after 2 payments they take legal action. i dont know what to do as i'm worried sick! it is a joint mortgage and the words repossession, blacklist and bankruptcy are scaring the life out of me - can anyone help? what will probably happen and are these words as serious as i think as i've never been in the red in my life! whats the worst that could happen???

Start working with the bank or a debt consolidation firm now! Don't wait for this to solve itself - that's how you get into trouble. Many places are willing to set up a payment system that is more managable so that you can stay out of financial trouble and they can still get their money. Good luck to you!

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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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I want to get my mortgage reduced, but i know you have to default on a few payments before the lenders will talk to you. my question is, if i default on 1 or 2 payments, then renegotiate the loan with the lender and start paying again, how badly will my credit be affected? thanks. p.s. i don't think i can refinance since my business tanked and my income is near 0. also, my home is worth less that what is owed on it, so refinance is not an option.

Thanks for the additional information. A bank will not renegotiate your loan unless you can prove that you repay the renegotiated payments . If your income is near zero how can you repay any loan? I suggest you establish some income then go to the bank and explain how your situation has changed and what you can now afford. If you went to them now with $0 income you would be in no position to negotiate and the bank would spend little time working with you.

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Okay. basically i rented a house with my 2 children and i later found out that my house was being foreclosed because the owner or shall i say previous owner missed her mortgage payments.

I am a mortgage specialist. The short answer is that you can not stop the foreclosure unless you can qualify to buy the property. How long have you been paying rent there?? Do you have cancelled checks/money orders showing the rent payments?? If you contact me at wwi_2@yahoo.com I will walk you through the possibilities. We may able to put you in an ownership position.

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I own a 4 bedroom, 3 bath home. free and clear. i rent it out for a bout 1000 a month. i have 4k for a down payment and would like about 70k for a home to live in. i have about a 580-600 credit score with no negatives on my record for the last few years. i don't have a steady job as i just quit my property management position to work part time as a waiter, and full time as a real estate agent. anybody think ive got a shot at a mortgage? im paying 650 a month now for a luxury apartment and havent missed a payment in the 2 years ive been living here. thanks!

why is your credit score so low? - you're a real estate agent - why are you asking us about the possibility of getting a mortgage?

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On my credit report my mum is listed as a financial associate and i assume this is due to a bank account she would have had to sign for in my teens. i closed this 6 months ago. her credit rating is affected by a couple of missed mortgage payments 4-5 years ago. when i checked my experian credit report 2 years ago my rating was fair. i'm now 23, have had a small loan i've paid off, never missed a credit card or phone bill payment - never personally done anything wrong. i'm on a good salary and so is my fiancé, who has an excellent credit rating. what are the chances our ability to get our first mortgage will be affected by my mother's mistakes 4-5 years ago?

Almost no effect. They look at your payment history first and foremost, which in your case sounds fine. The fact that your mom had some problems years ago is almost meaningless since she is not the one that would be signing any mortgage.

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We have a 30 year mortgage with a 6.75% fixed rate. we have owned the home for just under 2 years. would it be worth it to try to refinance? our financial situation has changed & our mortgage is becoming too much for us to pay. we haven't missed any payments, however we have been late (not more than 30 days though). any suggestions?

yes when the financial situation occured did you downsize at the same time === if not you should have -- maybe time to get rid of cable cell phones internet service eating out till you financial situation goes north again!!!

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Here's the full story. i bought a house in nevada in april 2006, i was straight out of college and making pretty good money. everyone i talked to told me to buy a house instead of renting. i trusted everyone and went ahead and did it. i bought the house with 2 loans. the first is interest only and the second is a really high interest rate with a 15 year balloon. i was told by my broker that my house would appreciate quickly and i would be able to refinance or sale in a few years. now for the tricky part, my fiance had to move to oregon for school in august of 2007. i decided to do the responsible thing and stay in my house and keep my job. after a year of living alone in my house and being miserable every single day, i decided to move to oregon as well. i knew it was going to be tricky financially, but i was willing to take the risk because i was seriously miserable! i was able to rent the house in nevada but the mortgage is twice as much as the rent. so i loose about $1300 a month. my new job makes about half of what my previous job made, and i have to rent an apartment here in oregon. i've been working really hard to make it work out but it is now obvious that i can't keep relying on my small savings to bail me out every month. i have decided to stop paying on the house because i've almost exhausted all of my savings and my income is not going to go up. i don't plan on moving back into the house anyway. i honestly don't want it anymore. i want to cut my losses. i have perfect credit and no other debt. not even a cent of credit card debt, no car payment, and i already paid off my school loans. i'm 26 years old. i know this is going to ruin my credit, but i feel so burned by this whole ordeal that i don't think i'll ever apply for any kind of loan again! i know it will take 7 years to repair my credit, i'm ok with that because i'm only 26. so my question is: how long is it really taking banks to foreclose now days? i'm sure they are swamped, i read that 1 in 74 homes in nevada is in foreclosure. also, how likely is it that i'll get sued for a deficiency judgment. like i said before, i have no debt but i also have no assets so i'm not worried about anything but getting my wages garnished. i should also mention that the house has lost $100,000 in value.

It will take about 6 months to go to Sheriff's sale. There will be a ton of notices, and they will start coming soon. You should never "be OK" with trashing your credit. You will pay more for everything based on credit score, such as insurance. This may effect your ability to get a job or an apartment. You seem to want to blame others for this, and are not overly concerned with the consequences, these are decisions you made. Taking an 80/20 loan was a terrible decision, but you are not the only one who got sucked into that scam. You also left a financially secure situation, which I understand, but again, a decision you made. You would do well to talk to your lender to see if there are options available to you, and then an attorney about what is about to occur.

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I have been making my 1st mortgage payment, my income is not the same. i could only afford to pay my 1st mortgage payment, can they foreclose if i don't pay my 2nd mortgage? i have contacted the bank for my 2nd mortgage that i'm not able to pay and apparently they don't care, they want payment as soon as possible.

Yes, when you took out the second mortgage you allowed them to place a secondary lien on your house, which they can foreclose on.