Any Lawyer-esque types out there that can answer a question for me?

[Cryozombie]

Mayhap a second job to (temporarily) get you back on track. That way you don't lose your sword.

Just a thought.

I have 2 jobs, I dont think I could manage a 3rd one...

 

[stephen]

Can the Mortgage Company really forclose on my house because I am 10 days late with my payment?

Cuz I got a Letter from them today...

No. Is the short answer. The long answer is that you'll have to be more than 60 (I can't remember exactly). Also will try to contact you by phone before anything gets real seroius.

On top of it all, they above all- do NOT want to forclose. It's a sure way for them to lose money and affect their standing with Fannie Mae and Freddie Mac, the quasi-govenment agencies they do buisness with. They're just trying to scare you. They will do whatever they can to avoid forclosing.

/s

 

[FearlessFreep]

I was going to say what Stephen just said. It's really in the best interest of the mortgage company to do anything else *but* foreclose. I would be concerned that it is something you need to get worked out as soon as possible, and be honest and keep the lines of communication open with them, but I wouldn't be worried that you are about to lose your house

 

[ghostdog2]

I'm not much of a lawyer, but I do owe a lot of money. So, here goes:

Read the lending agreement. The contract is the law between the parties. It will spell out what the lender can and can't do. Be aware of the fact that some loan documents contain an acceleration clause that permits the lender to consider all payments due once any payment is missed.
Whether and when a payment is considered "late" or "missed" is, again, spelled out in the documents. There are different consequences for missing as opposed to late.
Remember that the mortgage favors the lender and you may well have signed away a lot of your rights with respect to notice, time periods, foreclosure proceedings and costs. Don't screw the pooch! If you are at all uncomfortable, take the letter to a lawyer friend. Or call a local legal aid office specializing in tenants' and mortgagors' rights.
Lenders are not always predictable and while it is generally true that foreclosure is unattractive (banks aren't in the real estate business) do not take anything for granted!
Hope this is somewhat helpful. If you do nothing else, let someone look at the lending docs. I'll feel better if you don't.
Mike