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Paying your Mortgage late

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Posts: 1468
Credits: 13310.85

I have been late on my mortgage each month for the past 3 months, and while I have always paid within the 30 day period, yesterday I put off paying until it was after 3pm. So technically it was in the 30-60 day late period.

I spoke to someone at my mortgage company this morning who said that I would be fine, that they actually don't report to the credit bureaus until the first week of the month, which she said would be the week of 8/4. I hung up and then thought about it ... why isn't today, which is 8/1, considered being the first week of the month? I mean, I'm not complaining but I am confused?

Anyone here know?

Posts: 108
Credits: 1251.9

Sub: #1 Companies report their months as the first full week. Since thi
Fri, 08/01/2008 - 07:21

Companies report their months as the first full week. Since this week contains both July and August, it would technically fall under July for reporting. Causes havoc with my company, since we are owned by a French corporate. Clients report this week as July, but our close only goes through actual month end (so 7/31)


Sub: #2 Late Mortgage
Fri, 08/22/2008 - 11:09

I will not be able pay my August mortgage till September. In Oct. I will have funds to pay for Sept. and Oct. Will I go in foreclosure for being late.


Debt Samaritan
Posts: 1468
Credits: 13310.85

Sub: #3 you have to look at how many days late you would be ... Over 30
Fri, 08/22/2008 - 11:13

you have to look at how many days late you would be ... Over 30 days? Over 60 days? Longer than that? I don't think any foreclosures start being processed until you are later over 90 days and longer. And even then, depending on the state, it can take another 90+ days to file in court for foreclosure. So other than messing up your credit for 2+ years after you are caught up, it take a LONG time to lose your home. Again this depends on the state you are in.

Debt Samaritan
Posts: 195
Credits: 10058.58

Sub: #4 I know the bank that i am with goes by the michigan laws of forc
Wed, 08/27/2008 - 11:09

I know the bank that i am with goes by the michigan laws of forclosure word for word!!
I found this site its for michigan but it may help you...

Foreclosure is a legal process by which a bank, mortgage company or other creditor takes a homeowner????????s property in order to satisfy a debt. The foreclosure is the result of non-payment of the mortgage (including second mortgages and home equity loans); however, people also lose their homes due to unpaid property taxes. As a result of the foreclosure (at the end of the redemption period), the homeowner loses the rights he or she had to the property.


Day 1-15

Mortgage payments are typically (not always) due on the first of each month. If the payment is not made by the due date it is considered delinquent.

Day 16-30
A late fee is usually assessed to the mortgage account after day 15. The first notice is usually mailed on the 16th of the month. You may begin getting phone calls at this time.

Day 31-45
A loan enters default when it is 30 days late, and a second notice is sent at that time. This default date will have a negative impact on your credit score.

Day 45-60
Servicer sends ???????demand??????? or ???????breach??????? letter to the borrower pointing out that terms of the mortgage have been violated.

Day 61-90
When a loan is 60 days past due, the lender may initiate acceleration procedures by sending a letter notifying the borrower that foreclosure is the next step. At this time the lender will only accept your total past due which includes: all past and current payments with late fees and interest.

Acceleration procedures include lenders refusing to accept any partial payments and requiring that the past due balance on the mortgage be paid in full, and can even mean that the lender will void any payment agreement and call the loan due in full.

Day 91-105
Servicer refers loan to foreclosure department. Hires local attorney or other firm to initiate foreclosure proceedings.

Depending on the state where the home is located, the servicer????????s representative may record a formal notice of foreclosure at the local courthouse, publish details of the debt in the local newspaper, attend hearings on the case and make appropriate court filings.

Once acceleration begins, if you abandon the property or the property is red tagged, your home may be repossessed. This may include your locks beginning changed and your utilities are disconnected.

Foreclosure proceedings can start any time after the acceleration notice is sent, but usually happens when the loan is 90 or more days past due. This is when attorney fees become a significant part of the fees due. On average attorney fees will add about $2,000 to your total amount due.

Day 150-415
House sold at foreclosure sale or auction. Wide time range due to different state requirements. Foreclosure can happen in Michigan either by judicial action or by newspaper advertisement (sheriff sale). The most common foreclosure action in Michigan is by advertisement. In this procedure, the lender????????s attorney advertises the property for sale in a general-circulation newspaper for four consecutive weeks.

The sheriff sale date is listed in the advertisement, and following the four weeks the county sheriff sells the property to the highest bidder (which is usually the lender).

The sale must be a public sale that happens between 9:00 a.m. and 4:00 p.m. and will be held at a courthouse. The sheriff or deputy usually conducts the auction and the winner will be the highest bidder.

The sale may be adjourned, and the notice of adjournment must be posted where the sale would have taken place. Adjournments will be published in the same newspaper where the original notice was advertised.

The officer conducting the sale will execute and deliver a ???????sheriff????????s deed??????? for the premises to the highest bidder. The deed will specify the last date that the mortgagor can redeem the property. This deed must be recorded within 20 days of the sale, and the person recording the deed will endorse the date and time it was received on the document. If the property is redeemed the sheriff????????s deed will be destroyed.

Borrowers in states with judicial foreclosures, or those in which lenders have to retake property titles via the court system, can get almost a year to straighten out their affairs before the sale. Those in non-judicial states have as little as two months.

Day 150-415+
After the property is sold at a sheriff sale the mortgagor has a redemption period during which time the property can be reacquired.

The redemption period in Michigan is usually six months, except in situations where there are more than four units; less than 2/3 of the original debt owed, multiple acres and/or abandonment occur.

In order to redeem the property at this point you must pay off the mortgage, all interest and late fees, court costs, attorney fees, title and appraisal fees. If the sheriff deed holder paid taxes or insurance after the sheriff sale, the mortgagor must pay those fees as well. Redeeming the property by getting another mortgage is very difficult because of the bad credit rating that resulted from the foreclosure. Redeeming the property by selling it on the market is often a good option. If the property is redeemed, the original rights and obligations of ownership are reinstated.


Debt Samaritan
Posts: 1468
Credits: 13310.85

Sub: #5 good info, I wonder if there is a website that lists the avove t
Wed, 08/27/2008 - 11:12

good info, I wonder if there is a website that lists the avove type of information for each state? Anyone come across one?

Debt Samaritan
Posts: 195
Credits: 10058.58

Sub: #6 what state are you looking info from
Wed, 08/27/2008 - 11:39

what state are you looking info from


Debt Samaritan
Posts: 1468
Credits: 13310.85

Sub: #7 None inparticular, I was just curious if there was a general ref
Wed, 08/27/2008 - 14:04

None inparticular, I was just curious if there was a general refernce site like there is for the State Satute of Limitaions website?


Sub: #8 help
Tue, 04/13/2010 - 01:30

I just moved into my first home they said I would receive a mortgage bill in the mail but it never came I don't want it to be late what do I do


Sub: #9 hi anybody missed a payment by a few u get a lette
Wed, 05/05/2010 - 12:40

anybody missed a payment by a few u get a letter or phone call


Sub: #10 My mortgage payment is due on the 1st of each month. My questio
Thu, 05/13/2010 - 10:21

My mortgage payment is due on the 1st of each month. My question is i just sold by house and i close on the 28th of this month, do i still need to make a payment?

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