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Started By
Message
60 day grace period after mortgage sale
Posted on 6/15/15 at 9:57 pm
Posted on 6/15/15 at 9:57 pm
To preface this I'm a young engineer in the O&G industry and am slightly nervous about my job.
My mortgage was recently sold and I was informed that I had a 60 day grace period for my next payment. As long as the payment is made within that time frame it will not be counted late, won't hurt my credit, and I won't be charged any fees. Is it a bad idea to put those two mortgage payments into my savings and pay right before the 60 days expires? My concerns are with insurance and not paying interest for two months. Money talk gods please enlighten me. TIA
My mortgage was recently sold and I was informed that I had a 60 day grace period for my next payment. As long as the payment is made within that time frame it will not be counted late, won't hurt my credit, and I won't be charged any fees. Is it a bad idea to put those two mortgage payments into my savings and pay right before the 60 days expires? My concerns are with insurance and not paying interest for two months. Money talk gods please enlighten me. TIA
6
Posted on 6/15/15 at 10:19 pm to 5 Deep
If you have to ask, you can't afford it...
Posted on 6/15/15 at 10:21 pm to tiger rag 93
That's a fair point. I guess I'll just sell the house
Posted on 6/15/15 at 10:23 pm to 5 Deep
Good idea. Sell those mutts as well.
Posted on 6/15/15 at 10:25 pm to tiger rag 93
DO YOU NOT CARE ABOUT YOUR FELLOW HUMANS?
Posted on 6/15/15 at 10:26 pm to 5 Deep
I think mine did the same thing, but is is doubtful your savings account is paying more than the interest accrual on the loan is.
As far as job security and mortgage payments, they're still going to be due.
As far as job security and mortgage payments, they're still going to be due.
This post was edited on 6/15/15 at 10:29 pm
Posted on 6/15/15 at 11:05 pm to 5 Deep
Whether you lose your job or not, you still have to pay your mortgage so I'm not quite understanding the benefit of waiting until the 60 day mark.
A better question is if you are worried about being able to make a payment due to your job, why do you not have a 3 or 6 months safety account?
A better question is if you are worried about being able to make a payment due to your job, why do you not have a 3 or 6 months safety account?
Posted on 6/16/15 at 5:08 am to TigerTatorTots
I have 6 months expenses saved up. Was just curious about adding two mortgage payments to that as a little extra cushion.
This post was edited on 6/16/15 at 5:12 am
Posted on 6/16/15 at 7:59 am to 5 Deep
quote:
I have 6 months expenses saved up. Was just curious about adding two mortgage payments to that as a little extra cushion.
They're still going to be due regardless. What are you gaining here besides a temporarily inflated savings account? I'm not seeing a single reason to do this that makes any sense.
This post was edited on 6/16/15 at 8:00 am
Posted on 6/16/15 at 8:37 am to 5 Deep
You don't want to get cute with this stuff. You did well setting aside 6 months of savings. Just pay the mortgage as you normally would.
Posted on 6/16/15 at 9:38 am to 5 Deep
It may take them a while to set up the new account (which is why they are giving you 60 days till next payment) but you can bet interest will continue to accrue. I'd pay it as normal. If anything, you get in trouble down the line, the mortgage company might have you recorded as having paid a month or two ahead.
Posted on 6/16/15 at 9:42 am to 5 Deep
pay the payment if you don't they will tack the interest onto the back of the loan.
Posted on 6/16/15 at 10:31 am to hawkeye007
Thanks for the input. Will be making my payment today. 
Posted on 6/16/15 at 2:03 pm to LSUtoOmaha
quote:
LSUtoOmaha
quote:
You don't want to get cute with this stuff. You did well setting aside 6 months of savings. Just pay the mortgage as you normally would.
Every single letter of this post brah.
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