Will mortgage co allow partial payment?

[lalap123]

Haven't filed ch 7 yet and trying to stay current on mortgage...haven't ever been this tight - will mortgage companies accept 3/4 payment for the month with the rest to come a week late? Should I call them or just send the partial payment with a letter of explanation? Thanks to all for your advice!

[Chowder]

Call them and se if they'll let you skip a month.

Otherwise, I'd just send it in when I had it with an applicable lates.

[LimpDisc]

Communication is very important. They'll be understanding and happily take your late payment along with the fees.

[BkinTX]

I would talk to them before you do anything. Our lender (BofA) does not accept partial payments, so they would just hold that money and not credit it to your acct until they had a full payment.

Definitely call and ask what they want you to do!

[kenshirley]

How soon are you filing. Are you surrendering the house?
If you are giving it up and filing in the near future you are throwing good money away.

[AngelinaCatHub]

How soon are you filing. Are you surrendering the house?
If you are giving it up and filing in the near future you are throwing good money away.

This is true. Now another way: If you are now current, start to make 1/2 payments every two weeks. This might give you a bit of relief after the initial hit. In fact, if you are ahead in this way, you will actually pay off your mortgage sooner this way and really have nothing to explain. 'Hub

[kenshirley]

Our kids are going to file soon just like us. I told them to stop making the payments so they can save money up for a rental and security deposit.
Think about it. You will need it and you won't get a dime back from the mortgage company if you are surrendering the home.
And it takes months in most cases to get a foreclosure going.
If you have not seen an attorney most do low cost or no cost first appointments for advice.
You are not alone, believe us!

[AngelinaCatHub]

Our kids are going to file soon just like us. I told them to stop making the payments so they can save money up for a rental and security deposit.
Think about it. You will need it and you won't get a dime back from the mortgage company if you are surrendering the home.
And it takes months in most cases to get a foreclosure going.
If you have not seen an attorney most do low cost or no cost first appointments for advice.
You are not alone, believe us!

I again agree 'KS'. However we have not yet heard if they wish to keep the house. Without more info, help is futile.

Are you folks going to wish to keep the house?? If not, other suggestion may come to aid you. 'Hub

[tdawg]

Haven't filed ch 7 yet and trying to stay current on mortgage...haven't ever been this tight - will mortgage companies accept 3/4 payment for the month with the rest to come a week late? Should I call them or just send the partial payment with a letter of explanation? Thanks to all for your advice!

My mortgage company doesn't consider my payment late unless it is 15 days late. i.e. as long as I get it in by the 15th of the month, there is no penalty.

I thought most of them worked this way.

[lalap123]

Yes, we are keeping the house. We are actually 15 days past the 15th of the month (it was due on September 1). I called them last night and they were very nice, but no partial payments are allowed and their system automatically reports it by the 5th of the month and there's nothing they can do to override it. I'm considering just sending them a check and letting my bank account go in the negative for a couple of days. I'm almost positive they'll cover it, and at this point trying that is better than the alternative Thanks to all!