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if i'm behind 3 months on my mortgage will you accept 1 month payment

by johnandveronica11333 from Milwaukee, Wisconsin. 28 days ago Reply


David R Youngs - Assistant Vice President (DavidRYoungs)
#65 ranked lender in Minnesota - 60 contributions

If you're looking at "refinancing" your loan, pretty much every lender out there would put a hard stop on an approval if you've reached 3 late payments. 1 payment isn't too bad, especially if it's brought current by the time of application. 2 late payments are almost impossible. However I am not aware of anyone in the industry that will refinance someone 3+ payments behind. Your best bet right now would be to try and work with your current mortgage company with what is called a "modification." There are no guarnatees they will approve you, but it would be worth investigating. One side note to keep in mind - even if you make a monthly payment and it's before your due date - the lender will still count it as LATE if you have back-interest owed. Until your loan is brought current IN FULL - they will keep reporting you late to the credit bureaus. So your goal should be to bring the loan current ASAP or again, see if they will work with you on a modification to "defer" the late payments & interest to the END of the loan - thereby bringing the loan to a current status. Once 12 months have passed from that time, you may have a refinancing option available then with another bank. I hope this helps!

25 days ago
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SEAN WRIGHT (LANDMARKMORT)
#6 ranked lender in Wisconsin - 45 contributions

If you cant afford the payments, maybe you can sell the house and find something cheaper.Call me as I know a few realtors in the area.

25 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,817 contributions

Generally the answer is no. Long story, but partial payments causes trouble for the lender going forward in the foreclosure process. My best advice is ask all your friends for help to get current, assuming whatever your issue was is over and you can stay current if you just get caught up. Also check with state and county programs to help catch up. On the other hand, it the underlying problem still exists, while hard, generally the best thing to do is consider selling.

19 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

More info needed, but in general.. if you are 3 months down, and the lender has communicated with you about the possibility of foreclosure, then by law, the lender must give you options on how to avoid foreclosure.. This could mean they might accept partial payments.. ultimately, the lender will most always be harmed if they have to foreclose, so it's in everybody's interest if you can make good on your obligation. Try contacting them and ask them those questions.. If however, you have been dodging their calls, then they will most likely move forward with foreclosure.. and if that happens, your cost to bring the mortgage current will be much more, as the lender will want to recoup their attorney's fee's and other costs associated with applying for a foreclosure action. . I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

18 days ago
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