Author Topic: 3 months late. Got a letter from my Mortgage company  (Read 3956 times)

JMarlowe79

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3 months late. Got a letter from my Mortgage company
« on: January 11, 2013, 12:46:18 PM »
So i got a letter from my mortgage company ( i am 3 months late cuz I lost my job in October) that if I dont pay within the next 30 days I will be responsible for the entire amount left on the mortgage, around $100k (county assessed recently at $35k).
What does that mean? Should i contact them and work out some plan? Is my credit screwed if i dont?

 >:(


SSGoddess

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Re: 3 months late. Got a letter from my Mortgage company
« Reply #1 on: January 11, 2013, 12:55:57 PM »
Sorry JM, sounds like your credit is already screwed.
Owing the entire balance is called 'acceleration' - basically once you are late, the bank is entitled to accelerate the entire balance owed.

Sorry your property value fell so much, and about your job.

I'll PM you and see if I can help with your situation. Sounds like a SS might be what you need, if you dont plan on staying there.
Short Sale Goddess
Performing Miracles Where Others Run

JMarlowe79

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Re: 3 months late. Got a letter from my Mortgage company
« Reply #2 on: January 20, 2013, 02:31:08 PM »
Thanks for the info. Is it ok if I share with the forum?

 8)