Dear Barb: I received a letter from the bank saying that I was behind in my mortgage payments, but I am not. They are saying in this letter that a deficiency judgment may be obtained from me to collect the balance of the loan. What is going on?
Signed, Stressed Out
Dear Stressed Out,
The first thing I would do is to reach out to your bank and find out if the letter they sent you was in error. Make sure that you get their name, the time and date that you called and the conversation covered and also the remedy that they are suggesting. Also, if it is a mistake, get something from them in writing so you have it for your file.
However, for some reason, if you are behind in your payments and didn't realize it, ask the bank to send you a print out of your activity or, if you are able, go online and look at your payment schedule with your lender.
If you find that you are behind on your payments, discuss with the bank your options. If you can afford to repay the difference over the course of a couple of months, then discuss that with them. If you can't afford to repay the difference over the course of a couple of months, then ask them what are your options.
Let me know how it goes with the bank.
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