About to have my mortgage accelerated. help!!?

Question

I got a letter from my mortgage company past due 60 days. just started working. The letter says I have to pay the total amount due by sept. 16th, but I get paid on sept. 17th. It says that if its not paid by the 16th at 2pm ct, My loan will be automatically accelerated. Will they accept my payment on the day after? I mean, 1 day!

Answer 1

Your best bet is to talk with the bank. Most banks do not want to foreclose on a home: it cost them time, money and headaches. Usually when you speak with the bank, they will want to know that you can handle the payments. So if you just started working again, let them know you had trouble in the past and now you are ready to stand on your feet. If discussed the right way, they may even come up with a payment plan to get caught up while making monthly payments.  

Answer 2

Not unles you contact the bank immediately and discuss your situation with them.