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Recent News and Articles on the Keywords: mortgage + missed + payment  Related to the article below (Last Update: 8/4/2008)

With this help, there's hope Chicago Tribune, United States - Aug 3, 2008 Owners who've missed a payment don't qualify for FHASecure, but the Department of Housing and Urban Development last month issued rules that lets those with ... Suit blames loan servicer for pending foreclosure Boston Globe, United States - After the couple missed their August 2007 payment, Mark Pestana, a human resources specialist, and Lori Pestana, a business consultant whose work had slowed ... Annaly Capital Management, Inc. Q2 2008 Earnings Call Transcript Seeking Alpha, NY - Aug 3, 2008 ... in terms of priority is the GSEs role as an insurance company for our mortgage-backed securities. They have never ever missed one penny of payment. ...NLY St. Louis Post-Dispatch It all starts with one missed payment St. Louis Post-Dispatch,  United States - Jul 28, 2008 Winters' credit was hurt by the payments she missed, and that means she cannot refinance to a fixed-rate mortgage. But First National recently agreed to ... Brenda Kellen: What to do when you miss a mortgage payment Sky Hi Daily News, CO - Jul 28, 2008 By Brenda Kellen Q. I just missed this month?s mortgage payment and do not think I will be able to make next month?s either. What do I do? ... Saving Homes in Spain Means Immigrant Toils for 20 Hours a Day Bloomberg - Aug 1, 2008 Palacios, who has lived in Spain for 14 years, missed a mortgage payment to Banco Bilbao Vizcaya Argentaria SA, Spain's second-biggest bank, for the first ... Are you mortgage ready? Gloucester County Times - NJ.com, NJ - Aug 1, 2008 Sometimes closed accounts are listed as open and count against the credit score, or an open account may show a missed payment that was, in fact, on time. ... 181000 troubled homeowners get help CNNMoney.com - Jul 30, 2008 Another 105000 homeowners were given repayment plans, which means that they'll have extra time to make up missed payments. Repayment plans, which don't ... Humana Inc. Q2 2008 Earnings Call Transcript Seeking Alpha, NY - The current payment rates make possible the build out of these capabilities to the benefit of seniors now and for our nation over time. ...HUM Homeowners facing foreclosure seek help WSBT-TV, IN - Aug 2, 2008 Thurston says her adjustable rate mortgage has jumped out of her price range since she bought her home in 2004. She missed last month's payment and her home ...

Missed mortgage payment? Catch up, pronto

How can I catch up on a mortgage payment? I have fallen behind and have no options, such as extension, refinance, deferral, debt consolidation loan, etc., available to me. Also, apparently, I am not allowed to pay partial payments to catch up the payment. I have a job with available overtime, so I know I can make a little extra money this way, but I am also behind with other bills. Any advice? Thanks so much.
-- Robyn

Article continues below and (thank you)

You and millions of other Americans are dealing with mortgage problems, and it is no surprise that costly mistakes are being made. Mortgage debt is a different animal from what most of us are used to. I urge all my readers, especially those who are caught with negative amortizing mortgages, payment-option adjustable-rate mortages, interest-only loans or what are called "exotic mortgages," to read on and take some notes before this animal bites you.

Simply put, if you default, the lender can take your home and sell it to get its money and expenses back. Unlike credit card debt, which is unsecured, a default can start an expensive and relentless foreclosure process. I know of one loan that went into foreclosure when the borrower missed the payment grace period by a week! Most lenders allow 90 days before they pull the plug and "accelerate" your loan -- meaning they demand payment of the outstanding loan balance. Also, most people don't know that once they are late with one payment, any grace period goes away and all payments are due on the agreed-upon date, not 15 days later.

Pay, pay, pay that mortgage
So, what to do when you're late? Pay the mortgage, pay the mortgage, pay the mortgage. As soon as you can. Don't pass Go. Don't collect $200. You need to get current with your mortgage before things get worse. I suggest you contact your lender. Most lenders do not want to be in the property management business and will work with you to avoid foreclosure.

Ask for a repayment plan that would allow you to make current mortgage payments while paying a portion of the missed payment each month for a specified period. You might also qualify for forbearance, in which your lender would suspend payment for a temporary loss of income due to illness or injury or other such reason for missing the payment.

I am not usually a fan of skipping other bills to pay off your mortgage, but assuming you can afford your mortgage and just need to catch up, you may have to temporarily hold off on other payments. Pay what you owe to get your mortgage current, and be sure to let your other creditors know that you have had a financial hardship and will be missing or making a short payment, but will get current as quickly as possible.

Look hard at your budget
The fact that you are behind on other bills as well as your mortgage leads me to believe that you may need to rethink staying in your home. Be honest about your financial situation, and if you cannot afford the home, ask the lender for forbearance in order to sell your home. This would only work if what the house would sell for is more than enough to pay off your mortgage, including the late payment and any fees or penalties.

Another option if you cannot afford to stay in your home is to ask the lender to accept a deed in lieu of foreclosure, which means you surrender your home to the bank and avoid foreclosure proceedings and costs. However, if your home does not sell for enough to cover the balance of your mortgage loan, you will be responsible for the difference.

A final option would be to contact an attorney to ask about filing a Chapter 13 bankruptcy to stop all collections, foreclosure or other procedures from moving forward and spread your mortgage arrears over a longer period. I would not recommend doing this unless every other avenue has been explored first.

Good luck!