My loan is 90 days past due, what can we do?
When you behind on their mortgage payments it is almost impossible sometimes to get caught up. Once you get over 30 days behind the mortgage company demands the entire amount that the past due plus any late fees. They will not accept any partial payments which means you will have to come up with a very large amount of money to bring the loan current. This creates a huge problem for homeowners because if they don't have the one mortgage payment that caused them to get behind they are sure not to have two or three.
To make things even worse when you become 90 days past due the mortgage company will hire an attorney to proceed with the foreclosure. Most attorneys will charge $1500-$3000 in attorney fees that will be added on to delinquency in addition to your missed mortgage payments.
"Right now, the account is showing that we owe Feb 1 and Mar 1, plus late fees. We will be due for April 1 very soon. However, the bank has returned our Feb. 1st payment due to insufficient funds. This will put us 90 days over due. I can come up with some money, but now they want the whole amount! They haven't sent me legal foreclosure papers yet, but if I don’t' get them their past due soon (which I can't!) we'll lose our home....Please, HELP!"
The only way to bring a loan current is that get them to agree to take a small amount up front and arrange to pay back the rest of the delinquency. We can do this for you and allow you to keep your home.
- Why won't they accept my payment, I want to pay them. - March 21, 2007
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