Mortgages & Foreclosures Support Group

I sm appalled at the response of this lender. Here's what I suggest you do.
1. Send the Jaunuary payment. Being 2 weeks late is not sme as 30 days late. Make sure you add any late charges to the payment.
2. Do NOT listen to the Collector or the Supervisor on their instructions. Send the February payment as planned. If there is a late charge, include it.

I suspect the issue with this lender is that they are not meeting their collections goals for the end of the month and want the payment there by month end to include in month end figures. It's just a WAG. but suspect the lender is Chase or CITI. Both under heavy scrutiny right now with their TARP money and Bilions in charge offs/foreclosures.

It is true, the lender can refuse to take your payment unless both are made at the same time. Even if it is only one day late - a lender can demand both payments and be jerks about it.

If, as you say the payment is only 2 weeks past due, it is not likely either payment will be refused. IF it is,
(make sure you stay on top of this to PREVENT a 30 day delinquency on your credit report-follow your account on the internet or call to make sure your payment has been posted).
then you need to GO AROUND ther Supervisor of the department to the PRE-FORECLOSURE DEPT. If you payment is refused or returned to you - that will mean the lender plans to start FCL proceedings. Jump on them.... before they do this.

Since your income has changed, you SSD has changed - you will likely qualify for one of the loan modification programs available rigfht now. For more information about the loan modification programs, go to: www.fdic.gov and check out what is available. This lender needs to know that you are aware of the programs and you need to ASK for them to lower your rate, extend your term or simply write off a portion of the loan balance under the modification plan.

GOOD LUCK! Hope this helps you with your frustration.

I went on the FDIC site and looked at the program guidelines and I do not qualify for a loan modification. It says:

Loans are eligible for modification given:
• The loan is at least 60 days delinquent where the loan is considered one day delinquent on the
day following the next payment due date.
• Foreclosure sale is not imminent and the borrower is currently not in bankruptcy, or has not been
discharged from Chapter 7 bankruptcy since the loan was originated.
• The loan was not originated as a second home or an investment property.

My loan is only 2 weeks past due, not 60 days.

I do remember the part about your loan only being 2 weeks past due. Yes the guidelines are as you stated on the FDIC site. However, The loan modifications extend beyond those guidelines. Due to the change in your income, employment status, it would be in your best interest to request the assistance and/or modification. The guidelines are just a basis for the lenders to start with. As I told another earlier, banks are still acting like they are GOD and in the drivers seat. Contact your local State Representative... Congressman. They are very interested in what these banks are doing for their customers. The BAIL OUT for these banks was to help consumers not for it to go in the bankers wallets.
If the bank is refusing your payments after only two weeks... that is a serious issue. Not only that, it is their fiduciary duty to assist you in keeping your account and home up to date. I hope all gets better for you and you do get the assistance you need.

You might be able to look into a forbearance due to your medical condition.

I'd send the payments in as PK suggested too.

Your payment is due on the 1st of the month. Your late charge is assessed on the 30th day. If you don't make the payment for 2 more weeks, you aren't just 2 weeks late, you are 45 days late. Remember, you are already 30 days late when the late charge is assessed. Each day after that is another day late on top of the 30 days. Regardless, the lender should accept all payments (even partial ones) unless they have accelerated the loan and demand the entire principal amount due - which won't happen on a 45 day default. I recommend that you find out who the investor is on the loan. If it's fannie mae or freddie mac, you will have a lot of options and assistance available.

Every state is different...check the rule for the state you are in. Also, our mortgage company OCWEN would also NOT accept partial payments...never understood that.