Mortgage?

I recently got a letter from my bank saying I owed them $199 from "late payments" on my mortgage. you know how your mortgage is due and if you pay it late they tack on a charge Well, everytime my husband went to pay our mortgage even if it was late, the bank teller never tacked on the charge. Anyways, they are saying their going to take us to collections for the amount due, does this mean their going to try and take our house? We have never missed a month on our mortgage, just a few times they did not tack on the late charge. can anyone answer? It's was late a few times because our son was sick and we spent a ton of money going back and forth to st judes. But that was not my question, will they try and take our house? and we are making them on time now

Responses:

It depends on where you are located within the states, but if you have acquired a "homestead" then that protects your home from creditors who might try to place a lien on your home. As for the charges, it depends on how late they are. There is normally a 10 to 15 day grace period in which you can pay your mortgage without being late, now even though you are within the month it is due, if after that 10 to 15 day grace period, they do a percentage charge. This also depends on the type of loan you have. Try to communicate with them and ask if you can do increments of pay, along with the following months mortgage note being due. $199 is not a lot, so before they pay a collection agency, they will more than likely be willing to work out a payment plan with you. Remind them how you always pay your mortgage on time, and that you were not sure that you really owed those late fees. Research your mortgage statements, as well as your bank statements and see if there is a discrepancy somewhere regarding a payment to your mortgage company. Also, if you do not have a "homestead" do go down to you local county building and find out the process and fees to getting your homestead immediately. Good Luck and be Safe. smiles
You owe the money, whether or not they neglected to charge you for it. Just pay it. And try to make those payments on time; they're negatively affecting your credit rating
try to pay early on your mortgage - why is it late?
No, they will not take your house. They will however, turn you over to collections which will affect your future borrowing power. Pay it even if not all in one lump sum and do not be late again
Sounds to me like their taking what you owe for the late payments to collections unless you pay it. I would call first thing and get it straightened out. they normally work well with you. Good luck

Tags: grace, letter, percentage, lump, good

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