Think about it. How many cards does this counselor get? I bet, Not many. Just say thanks and this means the world to you and he is doing an honorable deed in his work. It will make you stand out in the hundreds of people he deals with to.
He is your advocate and its tough when there are so many tagelina's. Yes, we remember you but its tough to think about you all the time because we have many other people to assist and tend to. It is the biggest clean up that our nation will ever face and we have just begun.
OK, here is how the late payments etc works.
Most mortgages have a grace period of between 10 and 15 days. It is common for borrowers to make the most of their grace periods. You aren't considered late on your mortgage until after the grace period expires. But on the next day, you will be charged a late fee, which usually is 3% of the outstanding loan balance.
On the 30th day you are technically in default. The lender will probably contact the credit reporting agencies in regards to the status of the mortgage account.
Each state has different laws when it comes to default and foreclosure. You will find that some lenders will work with you, while others will not.
Once the mortgage is in default, some lenders will take a partial payment of the past due amount. Many lenders will only accept a payment that will bring the loan current. They may even refuse payments that due not cover both the current, past due payments and late charges.
This is a contract and a loan workout is a actually a privilege in their eyes. Meaning they do not have to do anything at all to help you. But, as we all know, it is in everyones best interests if it makes sense for everyone.
Sixty to 90 days after the missed payment, your lender will send a notice of default or file a lis pendens, depending on the laws of your state. The documents will be sent by Certified Mail. The borrower will have a set amount of time in which they can pay all past due amounts and collection costs. After that time has elapsed, the lender will have a lawyer begin foreclosure proceedings. Legal fees will be added to the amount you owe.
Yes, it is still moving along and the fees, payments etc. are getting added on. You just need to save those payments and the late fees etc. are part of the deal.
However you can do this: