Posted on: 17th Jan, 2008 09:59 am
We are working for ourselves right now and the times are tough in Michigan, we will be late but we will be back on track, hopefully soon what are we looking at as far as the bank is concerned? Have not yet missed a payment, refinanced twice, and still looking for work.
Hi Jamestcastner,
Welcome to the forum.
May I ask you why are you going to be late on your mortgage payments?
See when ever you face problem it is better to talk to the lender and let him know about your problem.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
May I ask you why are you going to be late on your mortgage payments?
See when ever you face problem it is better to talk to the lender and let him know about your problem.
Feel free to ask if you have any further questions.
Best of luck,
Larry
first step is to discuss the situation with your lender to advise them of your plans, and then follow through as you promised. if you do all this, you will not be in jeopardy.
Most lenders will start the foreclosure process once you hit 60 days late on your mortgage. If you think you will be caught up soon, you should be ok.
I wanted to add to my post
If you are not over 30 days late currently and have pretty good credit you might want to look at refinancing if you have a rate over 6% since the current 30 year fixed is 5.50% and could reduce your monthly payments thus making it easier for you in the future. If you do look into refinancing, do it sooner than later. A late payment on a mortgage over 30 days late can make it more difficult to qualify for attractive financing.
If you are not over 30 days late currently and have pretty good credit you might want to look at refinancing if you have a rate over 6% since the current 30 year fixed is 5.50% and could reduce your monthly payments thus making it easier for you in the future. If you do look into refinancing, do it sooner than later. A late payment on a mortgage over 30 days late can make it more difficult to qualify for attractive financing.