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.

Hello Howard, depending on your lender you should be receiving a letter or a call when you are 30 days late. No legal action should be started until you are past 90 days however, I say should because lenders do have different internal guidelines regarding this. I would suggest however that you contact your lender immediately and preferably no later than the 60 day mark to let them know that you are experiencing financial hardship and see if they have any way to help you out. The lenders don`t really want to be the `bad guy` and foreclose on your home if there is something they can do to help out they will. In most cases where your mortgage was insured (If you placed less than 20%-25% down on the initial purchase of the property chances are the mortgage was insured) you can get help from the insurers. If your mortgage default insurance was done with Canadian Mortgage Housing Corporation (CMHC) you can call CMHC Claims Payment Centre 1-866-358-9999, they may be able to help you with regards to your situation. If Genworth was your mortgage insurer then Genworth`s Hardship Relief Program may be able to help, call 800 365.4322. Don`t let this get too far, once legal proceedings are started the costs involved are passed on to the homeowner, and a foreclosure is not something that is easy to deal with for all parties involved. I hope this helps. If you would like any further info please do not hesitate to contact me at: Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

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I am a dilemma right now. my husband & i had a mortgage company we liked very much until they sold our loan to a very well known company, we fell behind on our mortgage payment 2 month. we have had so many harrassing phone calls and threatening letters from this new company. it has gotten my husband to the point where he does not answer their phone calls. i want to know if i call them and told them we are going through a financial hardship and this time would they be understanding and how can they help. if anyone out there has any recommendation on what department i should ask for or if there is any "term" used,please let me know. i am extremely unexperienced in this department so far, but willing to learn.

Call them immediately. Avoiding them only makes the matter worse. Foreclosure procedure can start as soon as you miss the second payment, while some companies wait until you miss the third payment to start. You should have received letters from the mortgage company, if so, call the number in the letter and ask to speak to the collections mgr assigned to your case (they will have signed the letter). See what you have to come up with now to stay clear of foreclosure. Since you cannot defer a mortgage payment, I would contact my bank which I have my car payments with, see if you can defer each payment a month or two. This will free up that money so you can pay your mortgage and catch up. Please call them immediately and do whatever you can to avoid losing your house.

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In 2004 we bought our 1st home! we where preapporved for 350k but we went with a home for 180k. we where dumb enough to fall for a 5year arm that started at 5% payment all together was around 1250 including escrow. well two years ago my wife lost her job and took a new one with 35% less pay then little over 1 year ago lost my job. before we did have saving but that virtually almost drained out 7 months ago then we got a surprise from our boa our mortgage company a noticed letting us know our new interest rate is 8.5% and our payment is now 1575! we quickly called them up to discuss a refinance and where shut down in a new york minute because of me being unemployed and the home is worth 120k about 60k underwater. after being shut down the loan officer at boa was nice enough to tell us to call a number for a loan modification. so i did. after being on hold for 1 hour i got interviewed by a rep who went over all of my financial, then asked me to fax a hardship letter, with pay stubs, bank statement, credit card statements, w-2's tax return over 40pages of stuff. he told me 30days they will review and get an answer. 30 days past and called back got interviewed again. this time the rep said nothing we can do i suggest you do the following -sell your cars use public transportation -100 dollars for food a month -yard sales -take money out of your 401k -take cash advances from your credit cards so we got a check from our credit card and deposited in our checking account that dried up quick as we had some large medical bill surface. now we are 15k in cc debt. so we called them again went over the samething and was interviewed and asked to send in pages of documents. we are current but as a result we are getting further in debt. my uncle is renting his house nicer then ours in the spring for 1k. we are tempted to throw them the keys to this place and tell then to shove there 8.5%. should we be chatting with a bankruptcy attny.

Have you read your loan docs to confirm that the 3.5% increase is legit? Most ARMs don't adjust that much and with interest rates at an all time low, I can't figure out what formula they are using to determine the rates.

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We can't afford to pay our mortgage, along with so many other americans, and our home is now worth about $60-70k less than we owe, so we can't sell or refi. we contacted our lender back in march '09, and they told us that before they'd consider working with us, we had to be late with a payment...so we didn't pay on time for april, then called them again and they took our income statements, a letter that we wrote indicating what happened to create the situation that we're in, along with our estimated monthly expenses. they told us to expect something in the mail in 30-60 days...it has been more like 80 days now, and no word from the mortgage company. we did not pay june's payment, nor can we make july's payment. in the mean time, we've been weighing our options, considering foreclosure, short sale, bankruptcy, etc...and in our research, we've come across obama's making home affordable plan, in which if a loan is owned by fannie mae or freddie mac (ours is owned by fannie mae), then the lender must cooperate with us to make our payments affordable, because the lender was given government funds for the loan. (correct me if i'm wrong with any of this)... here are the requirements: • lenders will be required to reduce borrowers’ monthly payments to a maximum of 38% of their gross monthly income. the government has allocated funds which will then be used to bring the mortgage payments down to a maximum of 31% of gross monthly income. • while the formula for reducing borrowers’ payments will vary significantly, the four elements in the equation are; cutting interest rates to a floor of 2%, maturity extensions out to 40 years, forbearance of missed payments and penalties to the back end of the mortgage, and principle reductions to 90% of appraised value of the home. • financial institutions will receive $1,000 per modification plus $1,000 per year for up to three years providing the borrower keeps up with the modified payments. for paying on time, borrowers will be paid $1,000 per year for up to five years. • modifications and refi’s will still require that the homeowner is experiencing some sort of hardship. only owner occupied, primary residences with a maximum loan value of $729,750 are eligible to participate in the program. • programs will be implemented first at fannie mae and freddie mac. while participation in the program by financial institutions is optional, any institutions that have accepted bail-out funds will be required to participate in the programs follows their set guidelines. • both programs will require documentation that the homeowner will be able to consistently make payments. the programs do require hardship, just not too much of it. as far as i can tell, we should be able to qualify on all parameters, but our lender will not take calls about this, beecause they're so backlogged. my concern is that we're required to be current on our payments, but unless they do something to help us, we cannot stay current, and if we do manage to borrow or scrape together the money somehow in order to keep current, we've heard that the bank is less likely to make us a priority since they're still getting their money. what's the best thing to do that this point? dawn...thanks so much for trying to dash my hopes of avoiding a foreclosure, but obama's plan is not gone...it's very much around: http://www.makinghomeaffordable.gov / landlord: the reason we can't pay for june or july is because my hubby lost his high-paying job in march of '08. i was a stay-at-home-mom at the time, 8 months pregnant with our 2nd baby. since then, i got a pt job while grandma babysits, and my hubby's new job pays much much less than the one he lost...so we've been using up our savings to pay our mortgage and to live on, but we're out of money now...and we know that we can get it down to an affordable level within the parameters of the making home affordable plan. regardless, my question is mostly concerning the fact that if we keep current, the bank won't talk to us, but if we fall behind, we may not be eligible for the plan. since we can't force the bank to talk to us, and we can't make the government force them to talk to us, what do we do now?

The plan is there and working. However, with you unable to pay for several months the odds of you qualifying are not very good. You have to be able to not only pay, but the plan only lasts 5 years, after which time you have to refi for your balance, PLUS the missed payments.

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My husband and i both lost our jobs in january of this year (2010). we were able to pay the mortgage (with savings) up until june. at the beginning of june, we called the mortgage company, told them our situation, and they sent us a financial assistance package. we filled out the package, sent it back, they received it june 8th and told us it would take two months to process. we've told them countless times that we cannot pay any of the mortgage because we don't have any money. we are both actively looking for jobs, but the market sucks right now. i had called last week and they said that they could waive the late fee due to our hardships. our payments are due on the 16th of each month, and july 16th (six days ago) marks two months that we have not paid. today (july 22nd), we get a letter in the mail stating that, if we don't pay in thirty days, they will start the process of foreclosure. wtf! they know we can't pay, the process for financial assistance isn't even up yet, so why are they starting now!! this isn't right, right?? is there anything i can do? i plan on calling them tomorrow and letting them know (again!!) that we cannot pay, but i am not sure what this will do. can anyone help? the financial assistance packet included an option stating deferment of payments in which they will take what you can't pay and add it to the end of the loan. which is what we picked.

Most foreclosures start at around 90 days. They send out form letters on all 60 day accounts. This is standard & probably done by computer. Call them tomorrow, main thing is to stay in constant contact with them. Good luck!