Mortgage Payment Application

About 6 months ago, we missed one mortgage payment because of a major medical procedure that was not paid by insurance.  Although I was able to catch up that particular payment a few months later, and made the subsequent payments on time, my mortgage company is reporting all 4 months as late.  They have told me that they apply any payments to the oldest due payment regardless of which month it is paid.  Is this normal? 

A friend who works for a major mortgage lender said that I could request for them to reage or adjust the reporting to reflect only one month actually missing. I have had no response from the mortgage company so far.

Jennifer

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Hi Jennifer,

It sounds like you are saying the reporting is four times thirty-days late.  Yes, that is the correct reporting based on what you’ve cited.

It is possible to re-age a HELOC.  To get a “response from the mortgage company”, follow the rules of the Qualified Written Request.

Thanks for the questions and hope this helps.

Paul