Question about bank loans

[confusedhousewife]

Hi. I have a very ill child and because of his medical bills we're 30 days behind on our bank loans. I have been trying to catch up, but with all the hospital stays, we're just falling behind fast. the loans were do May 1st so now we have May's which are over 30 days and june's which are rapidly approaching the 30 day mark.

I've heard that there's something you can do like just paying the interest to have it roll over or something so that it doesn't affect your credit. Can anyone tell me if they've heard of this or what?

Any advice would be appreciated. I am going to talk to my banker this morning, but I'd like to know what my options are going in.

Thanks!

[Daylily]

Best of luck to you. I hope the bank came up with some options for you. Keep us posted.

[maat55]

Just talk to the bank and maybe they will they will have a heart, if not, you can only do what you can do. Try having a garage sale or maybe tighning the screws on your budget a bit. If you keep pounding at it, you will get through this. Good luck.

[money2009]

Each bank is different and has a different set of policies. The best thing to do is talk to your banker (which you're already doing) and see what they are willing to work out with you.

It ends up generally being more cost effective for them to work with you than against you so they are usually willing to work with you to a degree (especially smaller community banks).

[sounderella]

Yeah you really need to call the bank. Some banks will defer payment...and some may just do a partial payment and some won't do anything.