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Posted: Mon Feb 04, 2008 3:24 pm
by jo.a
just want to if ever i miss my monthly mortgage payment for this month ...do i have to pay twice or double by the next month ????just asking ... tnx
Posted: Mon Feb 04, 2008 3:47 pm
by carlmcmullen
Have you spoken with your mortgage company.
I personally missed a mortgage payment last year but when i spoke to my provider to explain my circumstances they suggested that so long as you are not one full payment in arrears then you can carry this forward. So i made a token payment of £50 and then made an additional £50 each month to catch up.
Posted: Mon Feb 04, 2008 3:53 pm
by Welsh Boy
jo.a
You may well have a mortgage product that allows a payment holiday, always check with your lender and keep them informed of your situation.Tony
Posted: Mon Feb 04, 2008 4:07 pm
by coupleplus1
even if you do have the facility to take a payment holiday, check with you ip that its allowed as it may have an affect on the equity clause.
Posted: Mon Feb 04, 2008 4:55 pm
by jo.a
as if now i'm on the process of my iva.. but due to some circumstances,i may miss my monthly mortgage this month ... nit sure if what will be the effect of it .. like do i have to pay twice next month ... will they re-possesed it ?//?// tnx
Posted: Mon Feb 04, 2008 5:22 pm
by carlmcmullen
it is very unlikely they would repossess after one missed payment it would normally be 3 or more when they look for repossession order.
Have you discussed your circumstances with your IP?
Carl
Posted: Mon Feb 04, 2008 8:02 pm
by mikebdomain
Repossession action could be taken after one missed payment, it really does depend on which lender you are with. I would suggest you speak with your lender ASAP, they may agree to a small overpayment each month to make up your arrears. Any missed payment will affect your ability to remortgage, especially if the missed payment is within three months of the remortgage application.
Bottom line... Speak to your lender.