May 5, 2011 at 10:59 am #204183
Our mortgage company gave us until January 10 to pay a certain amount of money. They said if its not paid by that date they will accelerate the loan. What exactly does that mean?
May 6, 2011 at 6:50 am #260029
i wish i knew if you must pay a baloon payment on a part of your mortgage or all of it; or if you are in arrears on your mortgage payments…
acceleration only means that a valid demand for all of the money that the bank now wants must be paid by the date you specify, or else the bank will begin foreclosure, if it’s the total amount of the mortgage. you should have known about this when you closed on your real estate: your real estate attorney should have explained everything to you about the acceleration, and certainly, your real estate professional sales agent (Realtor) and/or your mortgage lender, should have told you up front what the acceleration meant and what was going to happen in the future.
read the documents you signed at your closing. read your sales contract. they should all be in your safety deposit box.
you only have yourself to blame if you went on the cheap and didn’t hire a real estate agent or attorney, doing it all on your own. if you must read your papers then, kick yourself and do it. do it now.
May 8, 2011 at 5:12 pm #268073
By accelerating the mortgage, the lender is calling all debts (Principal, interest, late payments, late fees…) due immediately. I would ask if you could get into a forbearance agreement with them, but if you’re having a tough time paying right now, the increased payment of this agreement is going to be a kick in the butt.
If you want further options, email me for a consultation at no charge to you, or visit our website.
May 11, 2011 at 2:08 am #271757
That means the total amout you owe will be due.
May 17, 2011 at 8:32 am #278821
This means that if you don’t pay the amount past due, it will call the entire note due. You’ll need to either sell the home or refinance with another company (which may be difficult if you’re already late on this mortgage)
May 19, 2011 at 8:05 am #685349
Nothing in my commentary is meant to improperly solicit a client in a state wherein I am not licensed.
You are in excellent shape. From what you have said, your financial difficulties are due in large part to a natural disaster and a flood. Was the flood something you caused by leaving the water on? If it is another natural disaster, you are really fortunate.
There are a number of simple steps you can take to solve some of your problems.
Over fifty years ago, my mother was a divorced parent of three young children who, like you, did not receive support. If you would like some free advice, please contact me through Yahoo Answers. You can have a significant portion of my time IF and only IF you are willing to follow ethical instructions and not violate any law. You are in very good shape to have some of your financial problems ended rather promptly.
May 19, 2011 at 9:00 am #685350
Filing for chapter 7…. absoluely… just not yet.
Here is why: The Bankruptcy will discharge your unsecured debt (credit cards) it does nothing in regards to your secured debt (mortgage and/or car payments).
For now get ready to unload the house. Any which way…. if you can’t sell it then let it go into foreclosure and wait until the bank takes it back and presents you with the remaining bill for the unpaid portion of the mortgage… why? because after that it becomes unsecured debt and unsecured debt can be discharges in Bankruptcy.
Pay the utility bills and put food in the refrigerator for your kids and talk to your student loan lender about a temporary extension…
Everything else… can go to hell in a handbasket.
You need the utilities to be able to live in the house
You need food to feed your children and you need to make a payment on your student loan because that debt can’t be discharged in bankruptcy ever.
Those are your priorities. Save as much money as you can while you are allowed to stay in the house. (The whole process of getting kicked out can take 6 months to longer, especially where you are at… the banks simply don’t want to deal with the damaged houses… it makes bad publicity when you kick out somebody that already lost it to Hurricane Ike or Katrina..)
Deal with the necessities and look for a job. With any luck you will find one in time and you can qualify for a loan modification or when that doesn’t work file for Bankruptcy after the foreclosure is done and over with.
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