Worried Again!

[Lightning]

Using your definition of current, you could make Month X's payment right up until one day before the next payment is due.

Maybe someone else with experience making a "current" late payment can fill me in, but it seems that current = not late. A payment due date means payment is due on that date. I don't think it's just a guideline with a 29 day grace period.

[CRRAVOSA]

With the mortgage you will mostly enter into a reaffirmation agreement which means you continue to pay the mortgage and you keep the house. Ask your attorney if he has received this from the mortgage company. If with the car you owe more than its worth by 5k you should look into redemption, you couldsave some money, again ask your attorney.Good luck

[StaciMM]

I don't see the confusion. Teri said she was late, recently sent last month's payment which was returned, and was making this month's payment today. If you were late, and pay what is due, the end result is being current.

I've never heard of a company returning the payment, by the way.

Using your definition of current, you could make Month X's payment right up until one day before the next payment is due.

Maybe someone else with experience making a "current" late payment can fill me in, but it seems that current = not late. A payment due date means payment is due on that date. I don't think it's just a guideline with a 29 day grace period.

[StaciMM]

In most states you don't have to officially reaffirm, and you can only redeem if you can manage to pay a lump sum to 'buy out' the car at current value.

With the mortgage you will mostly enter into a reaffirmation agreement which means you continue to pay the mortgage and you keep the house. Ask your attorney if he has received this from the mortgage company. If with the car you owe more than its worth by 5k you should look into redemption, you couldsave some money, again ask your attorney.Good luck

[Lightning]

My lawyer said "current".... so I am not sure. When I go to my 341 meeting at the end of Nov, I will be 8 day past due on Mortgage (1months worth), but will pay it up current that Friday (3 days after meeting)..... so "I" will consider that current, and if asked "checks in the mail" because it really will be on that Tuesday.

Hopefully Staci can clear this up for us. If you're making a payment 8 days past the due date, you're late.

What's there to misunderstand?

[StaciMM]

Sorry Lightning, I thought you were talking about the original post.

LostinMi-I have no clue if you'll have an issue or not. The main thing to watch out for is that the creditor can file a motion to lift the stay, and if you're not current (in their eyes) at the hearing for the motion, the motion will be granted and they'll be allowed to start foreclosure. More than likely, they won't take action over a few days. But it also depends on how aggressive they are. Alot of people file BK because they know that they can go 6-12 months before they have to get out of the house. If your lender expects this to apply to you, they may be eager to start the process ASAP if possible.

I didn't make my 9/29 payment to Chrysler (as we had decided to turn in the vehicle) and they filed a motion to lift the stay on 10/7. It wasn't a big deal for us as we weren't trying to keep it. (Turned it in on 10/15 and cancelled the car insurance.)