Re: House payment worries

Posted by Newbie2CA'sBS (24.25.26.200) on July 31, 2004 at 15:38:42:

In Reply to: House payment worries posted by Linda on July 31, 2004 at 14:11:26:

I have a friend in the home broker business that gave me some info when I got my house..I will pass it along to you.

1. You have to be 30days late to be considered late on your credit report. They can still charge you late fees though.
2. If it is a credit company and not a bank..they usually don't forclose, because it is too time consuming and expensive. They would rather work something out or refinance.
3. If you can, see how much equity is in your home to refinance and have your payment lowered. But, you will need to have money for the closing costs and it will make paying off your home longer.
4. If you put that 100.00 or extra money in a savings account and keep current (ie one month behind but still paying) Send in the payment when you have it.
5. The extra 50-100 might just go to your principle and not toward your payment.
6. I would call them and talk to them about options before it gets more rough.

I don't know if this helps, but I hope the best for you.

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