Mortgage Rate Modification
Bank may terminate my contract rate change if I paid accordingly?
I was approved for a rate modification for my mortgage. Paid qualifing amount and the first payment by the notarized contract signed. The contract was approved on first November and began the first December. I made the first payment of 2 November. The representative told me that the first payment would go to my December 1 payment, so I made no payment in December. The first January min payment would not be accepted because I was kicked out of the program because of lack of payment. Since then they will not reinstate the program, unless I come up with $ 20,000. I feel I have been dooped! A representative told me that it looked like the first payment was erroneous and not get put in the first payment in December. Anyway, there's no way I can get $ 20.000 any suggestions?
Banks are bad about receiving a payment early, and you can not make a payment within the prescribed time each month … I used to do this with my first house, extra every month and I was way ahead, missed a payment one month, while on vacation, and they charged me $ 150 late fee … it was many years ago, but I learned real fast rule. Never too late on a payment again.