nightwind Posted January 28, 2008 Report Share Posted January 28, 2008 My sister-in-law recently went through a program with fannie may. The program is supposed to purchase a house back from a lender who joined the military. The CSR at fannie may told her not to pay her mortgage while waiting for the processing to go through. Well, it's been about 4 months now. They still have not gotten any paperwork completed. The mortgage is shoing 90+ late. Does anyone have any info about this program? Unfortunately, I do not have the name of the program. Thanks! Link to comment Share on other sites More sharing options...
firstsource Posted January 28, 2008 Report Share Posted January 28, 2008 It is not ever worth the risk to not pay your mortgage. On a refinance: Let's say that you paid your mortgage on the 1st and the new loan closed on the 2nd. You are in no way any worse off than if your loan closed on the 2nd and you did not pay your mortgage on the first. Most of your mortgage payment is made of of an interest charge that goes on every day of the week/month/year. So if your payment is due on the 1st and did not pay, and your new loan closed and funded on the 15th, you will still have to pay your old mortgage company for those 15 days. On a purchase, where you have a home and are buying a new one, the same basic concept holds true. You have to pay every month on your mortgage. -------------There is an oddity that I want to address here. Lets say that you get a bit overly cautious and make your payment that is due the 1st of Feb on the 20th of Jan. If the mortgage receives the payment before the 1st, they will just assume that you are paying extra principal for Jan. They are going to want to see a payment in full in Feb. --------------Charles Link to comment Share on other sites More sharing options...
nightwind Posted January 28, 2008 Author Report Share Posted January 28, 2008 Fannie May is supposed to be purchasing the home. Not a refi. Her husband joined the army, it's supposed to a benefit with the Army from what she has told me.I agree though, very bad idea to let it go w/o payment. I was thinking she would have to pay those months mortgage though.Thanks for your response! Link to comment Share on other sites More sharing options...
Rick9972 Posted February 2, 2008 Report Share Posted February 2, 2008 There is an oddity that I want to address here. Lets say that you get a bit overly cautious and make your payment that is due the 1st of Feb on the 20th of Jan. If the mortgage receives the payment before the 1st, they will just assume that you are paying extra principal for Jan. They are going to want to see a payment in full in Feb. --------------CharlesThis just happened to me! I usually pay the mortgage out of my paycheck. It worked out that I needed all of my paycheck for other things(vacation). I knew this so went ahead and paid mortgage a week earlier than normal out of DW's check. Middle of teh month, I received a letter telling me my mortgage was late and that I now owed a late fee.CSR said that it happens pretty often when you use their phone in system or just mail in the payment. Said in the future if you are paying early to talk to a CSR prior to making payment. Link to comment Share on other sites More sharing options...
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