Missing Mortgage Payment After Discharge - BOA

[MoMoney428]

Hello all -

For those of you who have their first mortgages with Bank of America, have you ever missed one payment after being discharged? If so, did you receive a letter threatening foreclosure? I may have to call BOA to report I may not be able to make my October payment. After that, I'll be able to pay on time (starting with November) but not sure if I'll be able to make up for the missed October payment anytime soon. They probably don't want my house but you never know.

I've recently settled on my second mortgage with Wells (yeah me!) so I certainly don't want to screw with my first mortgage if I don't have to. We'll see what happens.

Any thoughts?

By the way, I love this site. I credit the people on this forum for helping me settle my second mortgage. Thank you, thank you, thank you!

Have a great evening!

[MoMoney428]

To add, I did not reaffirm my first or second mortgages.

[justbroke]

Well, you can't receive a threatening letter unless you are actually in default. That usually means that you haven't paid in 90 days. However, it's very difficult for most homeowners to go 31 days late. Once you hit 31 days late, "most" lenders will not accept "partial" payments and you'd need to pay 2 month's worth of mortgage payments to come current. This is exactly how many homeowners end up in foreclosure and bankruptcy... going 31 days late.

In any event, you have some choices. After you go 31 days late, you could call and ask for an installment plan. They may even give you a forbearance as well -- but this is all speculation.

The "dunning" will be no differently than if you went 30 days late on your mortgage before filing bankruptcy. The "process" is based on state non-bankruptcy laws at that point.

I must say that I'm thoroughly pleased to read that you did not reaffirm!

What's your end game?

[MoMoney428]

Thanks, justbroke. I'm not going to miss a payment after all, thank goodness!

[IamOld]

mOmoNEY, as usual Justbroke's advice is excellent!

I've got one..."calendar" question...if you can pay your OCTOBER payment so that it's there on OCT 1st - what if you get it to BofA on Sept 30th? Have you timed how long it takes them to clear your check? And/or if you can pay them on the 30th Sept, the check - and lets say you pay them at a BofA branch (and I'm just assuming that you can) that check CANNOT clear before Oct 3rd...so that way you're never more than 30 days late...in other words, on Sept 30 you'd be paying Sept, etc...

I don't know...I had to play these games myself before...

[justbroke]

IamOld, the problem is that checks are no longer "tendered" as paper checks through regional processing centers, known as clearinghouses (think ACH). Checks are now "imaged" (a picture is taken) and electronically delivered! I paid a bill once with a check, and that same day the check was posted at my bank. I'm not talking about a store where they "scan" the check at the counter and hand it right back. I'm talking about a business that took the check, deposited it in the bank that afternoon, and then it hit my bank the same day! My bank is in Florida, but I was in the Northeast at the time.

In the past, that would take at least 3 business days to process checks across that amount of miles. Now, it's almost instantaneous. We are eventually going to get to instantaneous debits (and credits). It will be sad when you walk in the store someday and the clerk looks and asks why you're in the store since you have no money in the bank.