Call them and see if they can let you go up to 3 months without paying and to apply those missing months to the back on the mortgage. I had to do that back in 2003 and my CU was the one who suggested it. Even GMAC on my car loan was willing to do something similar for 3 months.
@Anonymous wrote:
When something like that happens and they let you go 30 - 90 days without paying, does it get flagged on your CRs??
Yes, unless you have an extraordinary lender.
In my case, no they didn't mark my report as being late. The adjusted my contract and I had to sign some paperwork that moved those payments to the rear of the mortgage. Both GMAC and my CU did this and I did not have any lates on my reports (well actually I think with GMAC I had to make some small payment, ~$50 instead of $567).
Now a little latter on that same mortgage, I got behind 3months (they weren't going to be so nice this time) and they let me make partial extra payments to catch up. I had to pay X extra each month and when that extra equaled an full payment they would then apply it towards my back payment (otherwise it sat unapplied in an account). I was marked late each month until the balance was current. This is where most of my 60 and 30 lates came from on my old mortgage. And why did I agree to this? I wanted to keep the house.
Message Edited by Miner on 09-23-2008 10:44 AM
Message Edited by Miner on 09-23-2008 10:45 AM