Don't be mislead by the lenders customer service representative. I can't tell you how many times someone has come to me for help in stopping their foreclosure that could have been avoided altogether had the borrower not been given bad or mis-leading information.
Here's a common scenario: A borrower runs into financial problem such as the home heating system breaking down or being unemployed temporarily for a while due to an injury. This is just two of quite literally dozens of temporary hardships that hard working people face every day. Anyway, the borrower usually comes to me for help explaining that they contacted their lender when they where having difficulties.They wanted to try and make up for a missed mortgage payment or two only to be told that the lender would only accept the whole past due balance!
Many people take this mis-information and don't send in anything until they feel that they can piece together the entire 1-2 months past due mortgage payment.
You never ever want to get 3 months behind on a mortgage if you can avoid it!
Here's the problem, A loan is considered in default when there has been no payment for 3 months 90 days. At that point the lender will not accept partial payment.
Once the payments are 3 months past due 90 days the loan is considered in default. At this time the lender can Legally move forward with foreclosure proceedings!
If a borrower is only down 1 -2 months due to some financial hardship there is no problem with sending partial payments to try and getting caught up.
For more tips, resources and help go to http://www.loan-mitigation-services.com