mortgage

Site:www.53.com 5th 3rd bank What will happen if ...

site:www.53.com 5th 3rd bank

What will happen if I send a partial payment for my morgage loan for just one month because I have had some catastrophic event that is preventing me from making the entire payment?

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2 Answers

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HardMoneyMi Answered:

I'm not an employee of 5th 3rd but I am employed by a company in Michigan that services mortgages so... this is my experience. They do not have to (and probably won't) accept a partial payment. My advice is to call the bank and explain your problem and ask what they will accept or what kind of payment plan they can work out for you. Don't bother mailing a partial payment without speaking with someone first, they will probably just send it back. Hopefully you have been current in the past without late or missed payments, that won't help your situation either. Banks need to keep good borrowers and you need to stay in communication with their servicing department, with a positive attitude. Good luck.

Posted 3 years ago

Alternative Investments at www.HardMoneyMi.com

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FletcherBA0234 Answered:

Teresa, usually mortgage companies will not accept partial payments. If you have suffered a "catastrophic loss" (e.g. medical debt, uninsured casualty loss, etc.) you may want to ask your mortgage company about making "interest only" payments until you can come back up to speed. Know that your credit will suffer (a re-negotiated loan) and you will not accrue equity in your home, which has all the expense of home ownership but not the advantages.

In any case, negotiating a "debt consolidation" or even a Chapter 13 bankruptcy may be in order, which will allow you to discharge your other debts and keep your home if you maintain mortgage payments. With ANY discharge of debts, you really do need an attorney. Even if you fill out all the papers correctly, an ethical Judge will want you to consult with an attorney to assure that no one has taken unfair advantage of what you do not know about your contract and the law.