Help With Monthly Mortgage Payment

[katsy]

Hello - I am new to the forum and I have a financial problem which I hope I can ask/get some sound advise. I am behind on my mortgage payment because I was not working for 3 months(I am now currently back to work). My mortgage payment is past due since August 1st. I have spoken to my mortgage company and all they tell me is that they want to be paid. I have asked if I could send partial payments - they said no. Some friends tell me that they give a one time grace which is all I really need. Some friends tell me to tell them to add the monthly payment on to the end of my mortgage. I called the bank and they tell me that it's too late for any courtesy. My bank has never even offered any option for payment whenever I called to tell them that my payment was going to be late. How can I present my situation to my bank with the proper question or demand for help? Must I carry 30 days late throughout my loan?

[willowstudios]

To save your house I'd borrow the money from friends or relatives. If they are causing problems it's because they must have a policy in place.

Also, if you look at this in a practical manner - you are 3 months late. That's a very long time for a mortgage. Think of it this way - you are an entire season behind. They must be assuming the worst because 3 months is bad.

I'd get caught up at least to 1 month behind that way you can show good faith and they'll probably work with you then.

Lastly, get an emergency fund together ASAP of at least 3 months bills. In your case it sounds like 6 months might be in order because you just experienced an emergency and really needed 6 months.

[katsy]

Thanks for your kind response willowstudios. Unfortunately, my family does not have money nor do any friends or they would have offered it. I haven't thought of it being 3 months late --- I am in a difficult situation. Thanks again.

[Ima saver]

Is there any thing you can sell?

[LuckyRobin]

Can you get a second part-time job until you get caught up even if it means flipping burgers or cleaning office buildings after hours? Do you have a spouse who can also get a second part-time job? Do you have kids that can go to work temporarily at a fast food place until you get caught up? Can you take in baby-sitting at night for people who work night shifts? Or get a paper route? Is there anything you can cancel, like cable TV, your cell phone, or magazine or newspaper subscriptions that might give you a refund? Do you have anything you can put on e-bay or half.com? Can you hold a garage sale or take things to a consignment store? Can you put up anything for sale on Craig's List?

Does your city or county have any one time grants for people in need? Do you have a church community that might help you get caught up? Are there any expenses you can cut to the bone, like groceries? Eating rice and potatoes for a month or two to save a few hundred dollars towards getting caught up is worthwhile. Can you sell your car and get an old beater, using the excess money to pay your mortgage up to date?

[DavidSB1950]

Most mortgage companies really do not want to foreclose..... Send them whatever you have in a registered letter... inform them that you will definitely be making up the payments....(possibly a real estate attorney might be of real help here...consider contacting one) ... maybe one of these non profit debt counseling firm can help....

if they reject your attempts to make it right, a foreclosure brought to court might bounce back and burn THEM...

Once you dig yourself out, you really need to thave the 6 months of emergency expenses handy to prevent it from occuring again.... if you are too tight to accumulate this safety net amount, then somethings gotta go... maybe downsizing the house or the car...i dunno

[scfr]

Check this list and if your lender is on this list Acorn Housing may be able to help you:
Foreclosure Avoidance Program - HELP

Hopefully you'll be able to work something out with the lender.

Then, I suggest you come up with a plan to save up at least 6 months of expenses as an emergency fund: As others have suggested, look for ways to cut expenses or increase your income or sell things you already have. Stick around this forum for awhile and read the blogs and you'll get lots of ideas.

Good luck.

[TBH]

You could apply for a grant from ModestNeeds.org.

And I agree that you need to look carefully at ways to decrease your expenses so you can get caught up in the short term, and then start putting away money so you'll be able to make it through the next calamity.

If you need help thinking of ways to decrease your expenses, this forum is a good place to get help. Start tracking your spending ASAP so you can list your fixed expenses and unfixed expenses on here, and folks can help you find places to cut back.

[loanstar]

unfortunately banks have these policies they must follow, luckily for you they haven't tried to reposses your home yet.
In the mean time, isn't there any one that can loan you some money (a friend or family)?

[seo2020]

Whatever you do... don't borrow money to get caught up or you will find yourself further behind.

[Tree0164]

I would send as much in as possible-certified

Do you have any credit cards you could do a cash advance on?

I also agrree you need to get a second job and save up enough money for atleast 6 months.

[katsy]

Once again, I would like to thank everyone for their kind response. My mortgage company said that they will work with me and thats reassuring. Unfortunately, my bank is also killing me with bounced check fees which is also why I am in such a precarious situation. One day I called the automated system and my balance was in the positive after a direct deposit. I went home and I checked the internet banking system and several checks came in and was still in a positive way. The next morning I checked my balance again and everything was reversed - checks were listed first and then my deposit. The bank officer stated to me that everything gets listed during the day and at night the system corrects itself. I was crushed. Since then nothing has been the same. I agree, I cannot borrow any money it will just set me back further. Thank you all for listening to me I so very much appreciate it.