We just fell behind on our mortgage, We have not paid February, nor March. We just received a notice from the lender about proceeding with foreclosure...demanding full payment of Feb., Mar. and Apr. by April 15.
We did phone the lender and have paperwork coming for possible relief because the mortgage is Freddie Mac
We said we can and would like to begin sending partial payments, what we can as soon as we can and were told "NO, it's not set up that way."
Can anyone explain this to me?
Thank you.
natasha p2009-03-19T23:45:33Z
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did you look into this new program to decrease your interest rates. this is for people who are already behind on payments, and actually not supposed to make any before they figure that new thing out. i dont know the details but it did pass and your lender is the one you should talk to about it. dont make any payments at all until you find out. about partial payments, try to send one, see what happens. you offer what you can, either way it will make you look better, at least you try. and if they accept it, just keep making them, they cant foreclose on you then.
It depends on who your loan is through, and what the fine print says in your mortgage. Some mortgage companies tell you up front that you will pay less interest by paying half of your payment mid month, while others state that your payment needs to be paid in full on the 1st. If your payment is required in full on the 1st, you still have another option to lower your interest at the middle of the month. You would have to pay extra, but you can call and tell them that you want to make either an interest only payment, or a principal only payment, and then make that payment either by phone, or if they will let you, mail it in with specific instructions on the check.
If they accept a partial payment , I believe that it is like they are accepting that as full payment if you did not come up with the rest.. Most places do not accept partial payments for anything. There is help out there now. Have you tried to refinance? I am sure you can work it out. Just don't delay it at all. Good luck with it.