Hello Cosmo, there is a 14 day rule in the industry that almost all lenders adhere to. If the payment is late but arrives within 14 days of the due date no record of that missed payment is recorded. However if the payment is late past 14 days there is a record kept on file which never disappears. This can be a problem if in the future you are looking to refinance with that lender and there are many lates on their file they may just decide that they are not going to take a risk. The good news is that mortgages in Canada are not reflected on your credit bureau so if there is a problem another lender will not have access to this info and your approval will be based on your credit bureau instead. One thing to remember that banks will send the file to their legal department if a payment is not made after 60-90 days. Any legal costs the bank incurs (even if you bring the mortgage up to date) will most likely be forwarded on to you. Call the bank today and make sure they know of the situation, they may be able to help with programs like skip a payment, or extending your amortization to lower your payments. If you or any reader would like more information please do not hesitate to give me a call at any time. Abraham Niyazi - Mortgage Agent - Lic# M08010640 - Centum One Financial Lic# 10758 - Cell: 416-993-4082 - Office: 1-866-RATE-708 x 115 http://www.centum.ca/abraham_niyazi/ I have access to many Banks/Lenders across Canada and 11 years experience in the industry.

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The local rep is rude so i don't return his calls.

Since you're late on your mortgage it seems a bad idea to be alienating the person you might have to deal with to avoid a foreclosure, even if he is rude. When I signed my mortgage paperwork it stated the mortgage holders can come to the property to make sure it is in good condition provided they have reasonable cause and give advance notice. You being late on your payments and possibly putting them in danger of having to foreclose is reasonable cause. Read your mortgage paperwork.

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Or do you have to both exchange and complete before mortgage offer expires?

NO the mortgage offer MUST be valid on the completion date - your solicitor should tell you this! its one common reasons why many purchases are delayed as people take too long arguing over flower pots and the like that their mortgage offer expires!

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I have been running about 2-3 weeks behind on making my house payments. each month, the mortgage company starts making harassing phone calls as soon as my payment is 2-3 days late. can they legally harass me like this? they are now telling me that i need to move out of my house because they are getting tired of having to call each month. can they legally threaten me like this? my payment is only 10 days late right now and the first threat came just 6 days after my payment was due. what can i do to stop the threats? i'm working as much as i can to get my payment in on time but is there anything that i can do to stop the harassment in the mean time? my payments have never been more then 30 days late........

Yes they can start calling you the first day it is late. No they can not take your house. You have to be 90+ late for foreclosure proceedings to start. Also most lenders allow a minimum of 10 days after the due date before they can charge you late fees. However like I said they can begin calling you the first day it is late.

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Just trying to find out. of course the first month that our moortgage payment is due, some crazy stuff happens to where we cant pay it until 3 weeks over due.. what happens? we will be less then 30 days late.. only about 12 days. will that show on our credit?

I managed this stuff for a national lender and here's how it goes: First of all, 12days won't be on credit. 30+ days will only. Second, they won't do anything. They can, but they won't. If you have a mobile home and are with a large company, you may get a call, but if you keep it under 30 days, you are ok. If you are with a brick and mortar company, you'll get put on autodialer for a couple days, which is useless. That 90 days statement is crap (no offense to that person). Technically, you are in default 1 day past due, but no lender will actually do anything. 1) If they did issue a notice, you'd cure it before it gets to your house. 2) The notice wouldn't look good for them if they tried to pursue you. A judge would call that predatory and tell them to screw off. Moral of the story. Pay it under 30 days late and you're cool!

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So my mortgage company applied for foreclosure while i was 3 months late on payments, but was in middle of modification process with them. i didn't receive any letters or calls to inform me of this, while i was waiting 2 to 3 weeks waiting time for them to answer my request for modification. now they say they have already paid for lawyer feeds ($5,000) and now if i want my house i have to pay the three months payments + the 5 grand lawyer fees. they said they will accept a huge lump around 5,000 grand and then be able to divide the rest of 7,000 in 10 months! were they allowed to apply without reaching out to me and asking whats wrong specially while i was waiting for them to answer my modification application that i had applied for. and am i responsible to pay for the lawyer fees if i decided to pay for the late payments to salvage my house from foreclosure? please advice me on this situation!!!

If you're behind in payments they can pretty much do whatever they want. All the terms are in your mortgage contract. Most real lenders have in house legal, so I am surprised that they are using "outhouse" lawyers. I have never heard of a mortgage company requesting you to pay legal fees. I am not an attorney, but generally they have to sue you and get a court order with the stip saying the judge approved attaching legal fees to your mortgage balance. I would prob pay the mortgage balance which would make it harder to foreclose on you if you are current. They generally need to send a notice of default letter to you. if you don't pay the curr mortgage balance they will be foreclosing based on what your statements here. I would go seek immediate legal advice before I act.

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They are taking more than a week for these and all i get is the run around? is it too late to change mortgage companies i havent signed anything. i made a bid on the house its been escrowed and the mortgage company has me on hold for more than a week. is it too late to change companies?

There is a federal law that requires a mortgage lender to give you a good faith estimate or the annual percentage rate on the loan that you have applied for after approval. "You" have three business days to approve it or decline it based on what you have applied for after it is delivered. An annual percentage rate or (APR) is based on all of your closing costs, including points and interest rate computed to give you an average interest rate over the life of the loan. For instance if your interest rate is at 6% fixed but you had to pay alot of up front points, (1 point is 1% of the loan amount), to buy down that rate then your APR may be a little higher to reflect that one time fee. If you have made an offer on a home that is not in forcloseure and it has been accepted, and you are working with a realtor, find out from them why it is taking so long. The length of time for how long a lender takes to deal with you is affected by any number of factors, including how much money you have put down on the house, if you are self employed, if not is your loan FHA approved and following FHA guidelines. If you are'nt well qualified or self employed it's probably a good idea to look into applying for another mortgage from a competitor because if your loan has not been approved you may need another lender to fall back on in case it isn't. Keep in mind, although this is a great time to buy a home, based upon supply and demand. It is a terrible time to find a home loan because of the upheaval and mass exodus of investors from the real estate lending market due to the subprime mortgage crisis. If the bank you are dealing with is the owner of the property because it was their forclosure or they are negotiating with the original owner who is trying to save their own credit by cooperating in a short sale or a deed in lieu of default then it could take some time and paitence. One week will seem like nothing if that is the case. Some are taking up to six months to negotiate and close escrow. You have to realize that the incredible discounted price that you are paying for a home in this market also has a downside to it, and that downside is the reason homes are selling at those prices. Loans are very hard to find now and much harder to qualify for, so be paitent and cover your assetts. Dragonfeathers.

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Here is the point, my wife credit score is better than mine, her score is 683, and mine is 600, i have no mortgage on my 3 cr(s) i have only at the moment have 3 account on my cr #1 charge-off for 380 dollars, and closed account 4 medical bill for 147 dollars, my equ score 600, trans 559, experian 549 trans and experian not reporting car loan paid on-time for 14mos.never late.some mortgage guy i guess told my wife that he could only use her information and not mine on the mortgage papers, i dont understand this , i just have 3 accounts 1 car loan paid on-time, 1 charge-off 380, 1 medical 147, the amount of debt i owe on my report is $527 dollars i can easy pay this off, i also just 3 weeks ago received my new cc from continential finance and imagine cc, i was placed also on one of my wife cc as a auth user 4 weeks ago. oh he (mortgage guy) told my wife that i should let my wife put everything in her name than about 8 to 9 mos later than placed my name on all of the mortgage loans, in a month when all now 6 of this accounts are reported on my cr it would increase my credit score

Your credit score is low and therefore you are viewed as a high credit risk. The amount you owe is not as important as your credit history. Folks who are slow pay or no pay are poor risk. Also, there is no guarantee that the lender will allow your wife to put your name on the mortgage in 8-9 months.

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I hope someone can help me. here's a little background-my husband and i own a home in nj. original mortgage is for $314k..currently owe $302k. just received tax assessment stating home is now worth only $218k (over $100k less than we bought it for). i lost my job in '09 losing over $40k in income. i had a baby in late '09 and still have not been able to find work. my husband makes a substantial amount of $$ ($85k/yr.) now here is the problem, my husband is a laborer, and granted he makes this amount of money, but he can work 2 weeks straight-12 hour days...then he could have 3 weeks unemployed...so the money comes in, and we are playing catch-up. i have credit card payments, but i am doing a counseling program where i make 1 lump payment a month to all the cards. my husband only has a small amount of credit card debt. the smartest thing we ever did was cut up every single credit card since i was laid off. we are paying down our balances...totaling about $15k. plus we have 1 car loan, $475/mo. (not including utilities @ approx. $1,000/mo my husband was recently laid off for 3 weeks, and we were late on our mortgage for the past 3 months...but not 30+ days...just after the 15 day grace period. i am trying to figure out if we are even going to be able to modify--any help would be appreciated.

No, they can not modify it enough to help you avoid foreclosure. If you will foreclose anyway they will not bother modifying the loan. No matter what the payments on 302 are going to be more then you can afford since you are not working.

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My sister, a nurse, is off work due to a broken leg and her husband (deadbeat) quit his job just a couple of days after she got hurt and hasn't gotten a new one in the last 5 weeks. she doesn't have sick leave or temporary disability insurance. she missed this month's mortgage payment. she will probably be off work another 4-6 weeks if her leg heals okay. so that means missing at least a second and maybe a third payment. but her doctor worries with the type of fracture she had that it may rebreak after she gets the cast off and tries to walk on it with even a boot. then he would have to do surgery with plates and pins. she could be off work for up to 3 months more if that happens, which would put her missing almost 6 payments. i don't want her to lose her house, but i don't want to give her any money until she is truly at risk because i don't want her husband to benefit from it.

Definitely have her contact her mortgage company. Most mortgage lenders offer different types of assistance for extraordinary circumstances, but the most important thing to do is contact them immediately. There is a good chance that the mortgage lender can place her in a forbearance period where she will not have to make her payment for the next few months and then at the end of the forbearance period there will be a loan modification done to modify the loan due to the missed payments. There are also other programs that lenders offer to make reduced payments, temporarily suspend interest, etc... Call immediately. A lender can begin foreclosure after the first payment is missed, this is usually called pre-foreclosure. However, most lenders will not begin foreclosure until the mortgage has been 90 days (3 months) past due. The longer she goes without making a payment the more detrimental it is going to be on her credit and such. Best of luck.

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I'll just state the facts: *me & my husbands home is in foreclosure. (i left him, and the house, a year ago...months after it went into foreclosure). *i did everything i could on my end to try to save the house (he's a dead-beat and did nothing to help). my 1st hardship letter was accepted and we were put on the obama plan, where our monthly mortgage payments were temporarily cut in half. we had to pay that for 6 months, on time. after 3 months, my husband was late on the payment and therefore, they stopped the obama plan and continued with foreclosure. *i wrote a 2nd hardship letter, and it was rejected. (it was at that point, i stopped trying. prior to this, i drained my bank account twice to get us caught up on the mortgage. i fought as hard as i could to save the house, only for him to continue to screw it up over & over again. i gave up.) *months pass by, he did nothing to save the home. *we just got a letter saying there's a court date to sell the home. that takes place in 3 weeks. so now i have 2 questions: 1) is there anything he can do to save the home? (he doesn't have the $15k to get caught up in payments, but he might have enough in his 401k to cover that...if that's even an option at this point.) 2) is there anything i can do to save the home, and/or getting it off of my credit report?

No way to save that house. Given your husband's behavior, you do not want to try. Foreclosures remain on your credit report for 10 years, not 7 as with credit card or similar bills. Bankruptcy and court judgments also remain on credit reports for 10 years. Of course, as public records, foreclosure, bankruptcy and court judgments remain forever, they're only dropped from credit reporting. There is no way to remove such items if they are correct, factual.