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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I have a townhouse bought for $310,000 and i still owe $300,000 in 2 mortgages. the market value is approx. $200,000. i have lived here for almost 4 years now and my primary apr is 7.35%. i also owe $80,000 in credit cards and $ 24000 in loan. my credit score is 660. my income was around $3500 - 4500 pm as i am self employed. i almost pay $4000 in mortgages and minimum payment on credit cards etc. please advice me the best option i have as i am almost 50 and have no savings.80% of the credit card companies has increased the apr to 25% to 29%. .i want to ask ... 1. if i stop making all payments on credit card and mortgage from today, how long do i have to file bk. i have never missed any payment so far. 2. after how long normally the credit card co. file a law suit. and bank will foreclose my house. 3. will the court renegotiate and bring my house to market value and will i be able to keep it. 4. i have $6000 each in 2 of my credit cards. can i buy car as i need one. and after bk will they allow me to keep it. 5. as i am self employed my income has gone down ranging in $2500 - 3000 6. should i stop making all payments now. please help......

Hey Rajeev, Your post sounds like me about 2 yrs ago. wow..thats wild! Only I had got laid off, divorced, and was about to head into foreclosure. 1st thing do you even want to keep your house? If so, mortgage companies are working and re-working loans for the clients to do whatever they can to keep you in. Remember there not in the business of repo. and its a costly timely process for them to do it, its not an ideal scene for them. 2nd Your debt and income are really out of balance. Any way at all you can increase your income? 3rd I would not give 1 penny to a debt reduction agency. 93% of them are scams. And on top of that, the process is SO easy that any monkey can do it (certainly not calling you a monkey). Really its simple, basically you stop paying them, give them a call, but you need to know what to say, and do the rest of the cycle with letters. I settled at 42% with Wells Fargo, and less than 20% on Citi I would try this first 4th Bankruptcy will not save you from having to pay off your debt, check with an attorney for details. Hope this helps, keep pushing!

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Hello! i lost my job end of feb and need help on planning things short-term. have a home mortgage (bought an year ago, 5% down, no equity), have no credit card debt, and good credit score overall (720+) lost my job a month ago and could not find anything in town where i live. i am fairly experience and confident i can find a job if i move out of town but kids and family are in a situation they cannot go with me. school year is ending 06/30 and at that time i can move out of town and very hopeful i will have a job. now the situation is if i keep making all payments i will run out of savings by end of april. so i have to miss some payments here and there. please suggest what to do to have minimum impact on credit ir personal life. should i miss mortgage payments for couple months? should i call lender and try to defer/depaly payments for couple months maybe? should i start making minimum payments on credit card but continue to pay mortgage payments in full? i need to hang on for 3 to 4 months ... thanks!

You can contact your lender and see what they can do for you, but most likely they won't defer for 3 or 4 months, but only for one payment. The credit card companies, if you paid for credit protection on your cards, if you are laid off, you defer payments, so contact them and see if you do have that option. Good Luck!

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I am about 20k in debt with credit cards. the debt happened when i was making little to no money while starting up a business. my credit score went from about 800 to 520 in the last 7 months. my business has started to do very well and i'm trying to make things better with my debt and creditors. i have about 5 credit cards and a mortgage that have all been up to 4 months late. the mortgage is now caught up and all 5 card accounts have been closed. 3 of the cards are now accepting special payments to not increase the amount owed and are showing as up to date on my credit report. i am currently behind on 1 card but an slowly catching up. i should be completely caught up with it in 2 months. the last card is the problem card. i owe $5000 on it and they want to settle for $3000 or they want me to keep paying the late fees and over limit fees as well as keep reporting 90 days past due on each payment i make. they will not accept special payment plans. how long will it take me to get back to 800 on my credit score assuming everything is caught up in two months and is all paid off in two years (except the house)? will settling on the $5000 debt hurt my credit more than showing late for several more months or is my score damaged enough as it is? right now the only negatives i have on my credit are 30 60 90 and 120 days late on payments. i have not settled with anyone. my business has started to make good enough money that all my debt problems will be solved, but what about my credit score? i would like to be able to buy a different house in less than two years without paying cash, preferably next year. is that a possibility?

If possible, I would try to stay away from negotiating for less since that will be reported on your credit report. It is much better to have the credit report indicate the "debt was paid in full" than the "debt was settled for less than the full balance owed". Also you will get a 1099-c is you settle for less and that will have to be reported as income when you file a tax return. If lenders see that you did not fully pay off your debts, it may make it difficult in the future to get a loan. Before you can start rebuilding your credit score, you need to get up to date on all debts because each bad mark outweighs any good marks during that time.

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I have a townhouse bought for $310,000 and i still owe $300,000 in 2 mortgages. the market value is approx. $200,000. i have lived here for almost 4 years now and my primary apr is 7.35%. i also owe $80,000 in credit cards and $ 24000 in loan. my credit score is 660. my income was around $3500 - 4500 pm as i am self employed. i almost pay $4000 in mortgages and minimum payment on credit cards etc. please advice me the best option i have as i am almost 50 and have no savings.80% of the credit card companies has increased the apr to 25% to 29%. .i want to ask ... 1. if i stop making all payments on credit card and mortgage from today, how long do i have to file bk. i have never missed any payment so far. 2. after how long normally the credit card co. file a law suit. and bank will foreclose my house. 3. will the court renegotiate and bring my house to market value and will i be able to keep it. 4. i have $6000 each in 2 of my credit cards. can i buy car as i need one. and after bk will they allow me to keep it. 5. as i am self employed my income has gone down ranging in $2500 - 3000 6. should i stop making all payments now. please help.......

Go to your library or bookstore today. They have books on your states' bankruptcy laws. The bookstore may have a work book with all the forms for bankruptcy. Take the day off from work today - and go do some homework on all this. Note: The bottom of the housing market may be this summer. Consider holding on to your home? Also, BObama might come out with another homebuyers stimuls- not just for first time homebuyers. It might be 15K for everyone. /

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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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I bought my first house, 5 years ago. paid every mortgage payment on time, never missed a payment. i bought a car and paid that off in 3 years. i sold my house last year at a profit paid off my mortgage in full and all outstanding debts, including a student loan. now when i apply for a mortgage, every bank is turning me down. as i do not use credit cards, as part of my spiritual practice of not debting , not incurring new unsecured debt - one day at at time, i have no credit score. is there any way to get a secured loan mortgage. i have enough cash saved up ($4,000) to put 5% down on a 80,000 house. i have rented a house for past 12 months paying $660 per month. i pay all my bills on time, utilities, cell phone, etc. this feels insane, because i do not spend beyond my means, i can't get a mortgage. any suggestions. i;m looking into getting a secured credit card through my bank - but have been advised that it will take minimum of 6 months to a year to 1 year build up a credit history that way. i am retired on disability and have steady income from social security of $1290 per month net.

The house you bought 5 years ago should be showing up on your credit reports. You didn't delete it did you? And that car you paid off should be on there. How can you have a 0 credit score with all this? A mix of credit is only 10% of your credit score. You could easily achieve top scores with the mortgage and the car loans. Something is wrong with your reports. Get them at annual credit report.com And review them carefully. If you have made loans in the past - the history stays for 20 years as long as you don't remove it. Note: Plenty of people have no credit and buy their first house. Could it be that your income is not enough to support the loan you want? ---------------------- It's not your credit - its your income - just ran the calculator. Max home you can afford is $47,000. /

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I have a townhouse bought for $310,000 and i still owe $300,000 in 2 mortgages. the market value is approx. $200,000. i have lived here for almost 4 years now and my primary apr is 7.35%. i also owe $80,000 in credit cards and $ 24000 in loan. my credit score is 660. my income was around $3500 - 4500 pm as i am self employed. i almost pay $4000 in mortgages and minimum payment on credit cards etc. please advice me the best option i have as i am almost 50 and have no savings.80% of the credit card companies has increased the apr to 25% to 29%. .i want to ask ... 1. if i stop making all payments on credit card and mortgage from today, how long do i have to file bk. i have never missed any payment so far. 2. after how long normally the credit card co. file a law suit. and bank will foreclose my house. 3. will the court renegotiate and bring my house to market value and will i be able to keep it. 4. i have $6000 each in 2 of my credit cards. can i buy car as i need one. and after bk will they allow me to keep it. 5. as i am self employed my income has gone down ranging in $2500 - 3000 6. should i stop making all payments now. please help.......

Seems like bankruptcy is the only way out of the hole you dug completely for yourself. First: You make 4000 a month on average. Your house payment should be NO MORE then 1000 dollars. Second: You are so buried in credit card debt you will never be able to dig out. Making the minmon payment is just a way to perpetual debt slavery Third: it is unlikely you will lose your house. You have to have a place to live. Fourth: You need a car. Buy one. A good used one and pay for it up front. Fifth: 50 with no savings and this type of debt means you have failed to make any plans for the future. Eat the 7 years of crap credit that will come with filing and move along. Good luck. Read Dave Ramsey and don't do this again. Live under your means.