ON Canada, before you missed the payment, speak to the bank as most of them allow a "skip a payment" program. If you speak with them, this will not hit your credit score and they will just add one more payment to your overall term. It is simple but you need to communicate with the bank.

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.

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What will happen? my fiance lost her job and i need to cover some of her bills this month next month she starts her new job so i will be able to continue making the regular payments. will the mortgage company start a forclouse or anything severe? im sure your wondering why im not asking my lender this but the call center is closed for some reason. any honest help would be greatly appreciated.

If you make a double-payment the following month, nothing will happen (other than a ding on your credit which will reduce your credit score by 100 points on average). HOWEVER, if you don't make that double-payment your account will go from 30-days to 60-days to 90-days to 120-day etc. overdue, the bank will likely stop accepting payments from you (unless it's the amount due, plus all the late fees you've accumulated) and begin to foreclose.

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Like alot of you, i have a problem with my current house. we have mortgage 1st mortgage $1200 (inc tax) 2nd mortgage $270 (diff slightly every month) we lived here 5 years. (total $1500 a month) i know it's not a 'bad' payment not too high but even though we have jobs (my family), most of our incomes goes to numerous credit card payments. if we don't live in the house, we can move into apartment monthly $800. we don't mind downsizing emotionally. our family members have high credit card debt total 4 family members (only 2 work) (we share all the bills) but credit card debt of total $40000-maybe $50000 roughly (so each person $10000). we stopped paying for house mortage since jan 2010. they sent us notice of default...and if we don't do anything they scheduled the final date to october.....i talked to them yesterday and they said if i pay $850 this week, they said they will hold it so we can process repayment plan.... (i've already tried making homes affordable - did not work.) if we decide to rent the house out, we can easily find $1300 renter. so we would have to pay $200 or so month, to make up difference. reason we didn't rent it out earlier was because we figured that- by moving apartment, we would still need to contribute to mortgage difference which is $200-300 causing our total payment to $1100 which is not very diffrent from just keep living in the current house. but we need to do something- we can't afford $1500 anymore ... bank is willing to make a repayment plan for the payments we missed - which we would re start paying mortgage but they will spread out $5000 that we didnt pay since jan 2010. so it will be on top of $1500 causing more monthly payments. so - regarding that we have high revolving debt....should we give up house because even though we can rent it out - it won't cover all so it wouldnt be worth effort...just give it up and pay $800 at apartment life? i think that by just letting it go in october, we can save that mortage payment for about five month $1500 x 5 month = roughly $7000 and pay off some credit cards.

Let me see if I understand your story, you are letting your house go to foreclosure OVER CREDIT CARD DEBT? Are you nuts? Let the credit card debt go and pay the damn mortgage. WHAT ARE YOU THINKING? Am I upset? Yes, you have every means to pay that mortgage, yet you can't live within your means! Do you realize that you will have to pay CASH for everything once the foreclosure takes place? The credit card companies will cut off your credit in a heart beat. Get ready, it get worse. You might as well go and talk with that bankruptcy attorney now. I am flabbergasted. We did everything we knew to keep the house, and COUNTRYWIDE wouldn't even work with us. We are in our late 50's and 60's, do you think we will EVER own a home again in our lifetime? 7-10 years before any lender will talk with us. Not one late payment in 30 years and in a matter of 6 months, we are bearly living and so ashamed. And we're in the business 20 years. No retirement left, no savings left. Husband is ill from stress... You just can't imagine what you are doing to your future.

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Answers from financial advisors / mortgage brokers etc are very welcome... 18 months ago i bought a house with my other half, but due to her making 3 late credit card payments a year or so prior to our mortgage application, it worked out better for the mortgage to be in my name only, as opposed to a joint mortgage. she apparently had a poor credit rating. the mortgage rate was fairly high (6.26%) for that time due to the risk of a single applicant, considering others were getting mortgages around the 5% mark!!! in the meantime, we've been working on building her credit rating up... buying stuff in her name on credit cards, paying back in full immediately etc. but this month she has gone overdrawn on her bank account, and missed a credit card payment... after 18 months of "hard work", its fair to say that i wouldnt mind strangling her right now! do you think this nightmare month has screwed it all up for when our 2 year mortage expires in jan/feb 2010, and we try for a joint application??? or does the credit history only start getting affected after a number of consecutive missed payments etc.... heres hoping the rate is lower next time!!! many thanks...

Generally, monthly, everyone you own money to makes a report to the credit reference agencies on both the amount and timing of your payments. You can make payment 'in full' (i.e the amount due) or under pay (partial payment) either on-time or 'late' .... or miss a payment entirely .. needless to say, if you are simply 'late' it's not nearly as bad as 'partial' or 'missed' .. NB. some financial institutions are better at reporting than others .. some immediately report 'missed' if you fail to pay in full on the due day and then never 'update' even if you pay in full just one day late .... others will wait to the end of the month (so if it's due in the middle of the month and you are a few days late it will still be recorded as 'this months = paid in full'). Most will update the credit report if you later 'catch up' and pay in full (or partial) a missed payment, even if more than a month ago ... NB. You also need to start building up your Bank account(s) balance (or any savings account you have) When you apply for a re-mortgage the Bank / Building Society will want to see your Bank Statements (and savings accounts) so they can judge how well you are managing your money .. typically they go back 3 months ... if the 'balance' is always close to zero, plainly you are spending every penny you have coming in and they will not be offering you a bigger Mortgage ..

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Hi, i need some help. our house is in pre-foreclosure. we renegotiate the loan and started making payments, but we miss one because my husband wrote down the wrong loan number and they didn't receive it on time. now we are pay the mortage company again, but i have been receiving notice of evictions, foreclosure etc. just yesterdy a guy came to our door to deliver a notice of possesion from some other company we dont even know! it was like a fax, but it was not from our mortage company. we ahve been receiving notices and we are making the payments!! im scare soon we are going to have to move righ away and not even know.! do real estate companies scare people like this! etc.

You need to call them. From what you are saying it sounds like they already foreclosed and you are being evicted. Read the papers delived to you carefully, maybe with an attorney, as it is likely you have been served legal documents.