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Payment FAQs
PAST DUE
- What happens if I'm past due or miss a payment?
You will be charged a late fee plus interest. Additionally, Acqura is obligated to report late payments to credit bureaus every month, so late payments may have a negative effect on your credit rating.
- How many times can my payment be late before it effects my credit?
Acqura reports to the credit bureaus every month, so even one late payment may end up on your credit report. When payments are made on time, this monthly reporting helps you build a positive credit history. If you are concerned about this, you can call us at 866-660-584.
- What will being past due cost me?
Late charges vary according to the terms of the loan, the type of loan, the interest rate, and the amount you borrowed. For example, if you have an adjustable rate mortgage, your late charges would change as your interest rate changes. Give us a call at 866-660-5804 for specific details on your loan.
- Why do you charge fees when I am past due?
Every month, Acqura has an obligation to pay the owner or investor of your home loan. When you don’t pay your loan, Acqura still has to pay this obligation on your behalf. We charge fees for past-due or missed payments to make up the cost of paying your obligations for you.
- If my payments are past-due what can I do to fix it?
You’ll need to make all your past-due payments as well as pay any fees and interest charged as a result of the late payments. To find out exactly how much you owe, you’ll need to request a loan reinstatement from the Homeowner Solution Center at 866-660-5804.
- What happens if I can’t make my payments?
Contact the Homeowner Solution Center at 866-660-5804 immediately. Even if you feel you do not have any resources or ability to repay your loan, we may be able to help you make alternative arrangements to save your home or, at the very least, minimize the negative impact to your credit. Doing nothing guarantees the worst possible outcome – foreclosure and severely damaged credit.
- What happens to my property tax and insurance if I’m past due on my payments?
If you have an escrow account, Acqura continues to pay tax and insurance to protect the property. However, just as with your mortgage, you would still owe this money plus any late fees and interest incurred.
- Can I sell my home if I owe more than it’s worth?
In some cases the answer is yes. This is known as a short sale or pre-foreclosure sale. This is something you would need to work out with the Homeowner Solution Center at 866-660-5804.
FORECLOSURE
- What is foreclosure?
Foreclosure is when the lender takes possession of a property when the borrower has failed to make their loan payments. In a foreclosure, the borrower is required to move out of the property once the foreclosure sale is complete.
- Why would the lender foreclose on my home?
Foreclosure only happens when the borrower is repeatedly unable to make payments or stops making payments. As lenders almost always lose money on a foreclosure, it is a last resort to minimize losses.
- What can I do if I have received a foreclosure notice?
Contact the Homeowner Solution Center at 866-660-5804 immediately. Even if you feel you do not have any resources or ability to repay your loan, you may have options that allow you to save your home and/or minimize the negative impact on your credit.
- Can I sell my home if I’m already in foreclosure?
Yes. You’ll need to list your property with a licensed real estate agent.
The sale must be done before the foreclosure sale is completed.
- Can I sell my home if I owe more than its worth?
In some cases the answer is yes. This is known as a short sale or pre-foreclosure sale. This is something you would need to work out with the Homeowner Solution Center at 866-660-5804.
- What effects does foreclosure do to my credit rating?
Foreclosures may stay on your credit report up to seven years and can make it very difficult to get offers of credit during that time. If you’re already facing foreclosure, there may still be options to minimize the damage to your credit. Contact the Homeowner Solution Center at 866-660-5804 to learn more.
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