Panicked about returned check!

[almosthopeless]

We live in Illinois and have been in Chapter 13 since February of this year. Things have been a little tough lately and we missed our August payment. I figured if we got the Sept. one in a little earlier than usual (and being that countrywide is so huge) that maybe we'd go unnoticed we'd hopefully be okay. This morning I found out that our mortgage check was returned to the bank for NSF. The mortgage check bounced!! I am now ina total panic and do NOT know what to do. I am so scared that any day now I'll get a notice to vacate or something. Can anyone tell me what I should do or what I can expect to happen? The payment in question will be in Countrywide's hands in the next 9 days. I'm SO SCARED!!!

[AngelinaCatHub]

First of all, don’t panic. It does you no good and stress kills. Think it out, they don’t want your house back. Ask any realtor, there is a glut of upside down houses. Contact your mortgage company and tell them what has happened. If you are able to get the funds into the bank quickly that would cover the check, ask them to re-submit it, that you would pay any OD charges they wish (usually $25) and your bank ($25 or $30). If that is not possible in their eyes, remake the item in a money order, copy it and green card the payment. They will work with you if you get to them first, with ‘hat-in-hand’, so to speak. Let us know. ‘Hub

[AngelinaCatHub]

BTW, I almost did the same thing with my Trustee as I OD. My bank covered it and I learned to make money orders to reduce the type of stress you are having. 'Hub

[almosthopeless]

But our mortgage co (Countrywide) won't talk to us anymore because of the chap. 13. Should I contact our trustee? The trustee payments are automatically taken from my husband's paycheck so we're covered there and I'm not worried about September so much because we can pay that on the
19th, which isn't TOO late. What worries me is that missed August payment. We have no way to make that up and now that this bounce happened, I'm scared they're going to come after us. We've worked really hard to try to save our house and I can't bear the thought of losing it over ONE payment. I don't know what to do!!!!

[Flamingo]

But our mortgage co (Countrywide) won't talk to us anymore because of the chap. 13. Should I contact our trustee? The trustee payments are automatically taken from my husband's paycheck so we're covered there and I'm not worried about September so much because we can pay that on the
19th, which isn't TOO late. What worries me is that missed August payment. We have no way to make that up and now that this bounce happened, I'm scared they're going to come after us. We've worked really hard to try to save our house and I can't bear the thought of losing it over ONE payment. I don't know what to do!!!!

Countrywide has a bankruptcy section where your account should now be listed. Call them and ask for that section. Explain the situation. They will not come after you after one missed or late payment but it will probably be reported on your credit reports so keep that in mind as to future payments. You want to try to keep everything on time during a Chapter 13 - all payments, even to utilities. It works to your benefit at the end of your Plan. Also, freaking does not help the situation - cool heads always prevail and be brief, not emotional on the phone. It is not the end of the world....

[AngelinaCatHub]

Countrywide has a bankruptcy section where your account should now be listed. Call them and ask for that section. Explain the situation. They will not come after you after one missed or late payment but it will probably be reported on your credit reports so keep that in mind as to future payments. You want to try to keep everything on time during a Chapter 13 - all payments, even to utilities. It works to your benefit at the end of your Plan. Also, freaking does not help the situation - cool heads always prevail and be brief, not emotional on the phone. It is not the end of the world....

Rite on Flamingo. No mortgage company wishes to become house brokers. They simply want the money. It would not be a bad idea to drop a line to the Trustee, but don't make it sound like a big deal. Explain to him that you miscalculated for that week and have made it up or will do so either through him or directly to the bk department that Flamingo mentioned. They themselves are in trouble, ergo, they want your money not your house. 'Hub

[almosthopeless]

I didn't realize they had a particular section just for bankruptcies. I've contacted the attorney who handled our case for some advice as well, but haven't heard back yet. I do feel better with what I've heard though. it kind of sounds like as long as we get back on track right away we should be okay.

Thanks!

[AngelinaCatHub]

What you realize, is true. You will be fine. 'Hub