If you were making a payment and a lender tells you that you don't need to make a payment because your

Asked by Michi, Louisville, KY Tue Jul 8, 2008

mortgage is current then later find out that the lender gave you a wrong information making your payments a month behind, what should you do?

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Susan Wesely, , Saint Paul, MN
Wed Jul 16, 2008
Now all you can and should do is, as Joe said, "catch up". In that situation, I would make the payment anyway, then find out why they thought you were current. You had intended to pay, you had the $$$. If it turns out you made an extra payment, you just reduced your principal and chopped months off your payment schedule. That's almost always a good thing (exception is if you have a prepayment penalty - and even then, it may be a good thing).
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Melissa T, , Lexington (and Northern VA)
Wed Jul 9, 2008
Hmm, one time my bi-weekly program failed to make two payments; I called and assured the mortgage company that I would immediately catch up and all future payments would be up-to-date. For what is was worth, I let them know that it was a "misunderstanding" vis-a-vis the bi-weekly company (their fault, although sure, ultimately my fault) and that it would never happen again. The late payments stayed on my record, but they stopped the pre-foreclosure proceedings and it's been about 5 years now without an additional late payment. I would just recommend getting all of my ducks in a row - records, etc., and getting everything 100% clear with the mortgage co.
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Joe Hayden, Agent, Louisville, KY
Tue Jul 8, 2008
Catch your mortgage up to date. Probably not much you can do at this point. No matter what anyone else tells you, you are going to be responsible for repayment. Good luck!
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Bill Dunn, Agent, Paducah, KY
Tue Jul 8, 2008
Make your payment so your mortgage is up to date. Obviously the mortgage company mispoke but they likely won't care when it comes to getting your payment. Next time they say something that doesn't sound right, call back and speak with someone else.
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