Past Due Facts
Your mortgage loan is a legal contract in which you promise to repay the money loaned to you in a timely fashion. While being late or missing a payment has consequences, it does not necessarily put you in danger of losing your home through foreclosure. If you are having trouble making your mortgage payments please contact us to discuss and arrange alternative solutions.
Past Due or Missed Payments Costs you Money and Affects Your Credit Score. Every month, Acqura is obligated to pay the owner or investor of your home loan. Whether you pay or not, Acqura still makes a payment on your behalf. In order to offset the costs of making your mortgage payment, Acqura charges fees for past-due or missed payments. These avoidable fees can add up over time, further complicating your financial situation.
Acqura is legally required to report past due or missed payments to credit bureaus every month. If you regularly make your payments on time, this monthly reporting greatly benefits you by creating a positive credit history. Alternatively, if you have late or missed payments these monthly reports could create a negative credit history, resulting in poor credit and higher interest rates on future credit cards and loans.
Remember, keeping your payments current and on-time builds a positive credit history, avoids additional fees, and will help you get better interest rates on the credit cards and loans you may need in the future.
Help for Past-Due Borrowers
If you know your payment is going to be past-due, please contact Acqura immediately. Communication is key in protecting your home and your good credit. We can help minimize any negative impacts associated with the past-due status of your account and provide you with additional resources that could help alleviate your financial difficulties.
If you are more than 60 days past due, you may be put in touch with an advisor from the Home Owner Solution Center who is an expert in providing loan solutions. You may even be offered free credit counseling, assistance finding employment or assistance in selling your home, if needed.