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Uncle Leo

Might be late w/mortgage payment...

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Background...

 

  • Have had mortgage since 2005, never (30 days) late, balance $133K+/-
  • Have had HELOC since 2005, balance $20K
  • House worth approx $195K ($42K+/- positive equity)
  • Declared BK in 2008
  • Mortgage reaffirmed
  • HELOC not reaffirmed (offered , but they never responded, so it didn't happen)
  • Both 1st & 2nd with Citimortgage
  • HELOC has been late, but only since BK, currently August payment is due (3 mos late)
  • In Iowa

 

I have been self-employed for 2 yrs now after being laid off. Income is inconsistent. I have a current project but won't be paid until the middle of December at the earliest. Nov 1st payment will be 30 days late in a few days.

 

The question: Should I contact Citimortgage?

 

They SAY to contact and be up front, but I have heard and read so much that contacting them "so soon" only serves to give them a red flag. I have heard nothing but horror stories that contacting them will only lead to trouble and frustration.

 

If I cannot make the payment, should I...

 

  1. Do nothing and pay when I can?
  2. Call them and try to arrange something?
  3. Pay up the HELOC to date so they can't use that as a foreclosure reason so soon?
  4. Something else?

 

What would you do?

Edited by Uncle Leo

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In December when you get paid will you have enough to cover Nov and Dec payments (i.e. get caught up)? If so then no I wouldn't contact them.

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In December when you get paid will you have enough to cover Nov and Dec payments (i.e. get caught up)? If so then no I wouldn't contact them.

Probably not. I have to keep the lights on, etc., also. In fact, I may have to do a running 30-day late until February, when I am expecting a large payment from another source (not tax return). I'll be able to do November, though.

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Today, it's 29 days late. Technically, by the thinnest of margins, I could pay today and be "ok". I cannot pay today.

 

For better or for worse, I will catch up the HELOC as much as possible, so they cannot use that as an excuse to foreclose any sooner than they might otherwise. I will make the November payment in December when I get paid.

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Today, it's 29 days late. Technically, by the thinnest of margins, I could pay today and be "ok". I cannot pay today.

 

For better or for worse, I will catch up the HELOC as much as possible, so they cannot use that as an excuse to foreclose any sooner than they might otherwise. I will make the November payment in December when I get paid.

 

If you keep a rolling 30 day late, they won't do anything. Just don't go past 30 days late and you should be fine. 45 is pushing it and they start to get nervous and send out mod papers and warning notices and blah blah blah.

 

BTDT. We are currently doing a running 30 day late and will only be able to catch up fully in January.

 

Best you can do is go with the flow. Kind of a lame answer, I know, but when you are stuck you are stuck and can only do your best.

 

Good luck and let us know how it goes.

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A 30 day late is "fine" its just when you're 3+ months behind with no activity is when it becomes a problem. They won't foreclose on you for being late on a 1 months scale.

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A 30 day late is "fine" its just when you're 3+ months behind with no activity is when it becomes a problem. They won't foreclose on you for being late on a 1 months scale.

 

Foreclose, no. Send you every letter under the sun and try to have them contact you, yes.

 

If you can deal with the slew of letters and calls then keep the rolling one month late. Just make sure you don't go 60. Or 45 for that matter. They start to pick up the pace when you hit 45 days.

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