Hi,
New poster here, but regular reader!
Upon speaking to my mortgage provider, they made it clear that they dont really chase mortgage payments until "5 or 6" have been missed. My question is 5 or 6 mortgage payments for us, is approx 5k. Would the bank come back looking for the missed payments after the 5 or 6 missed, or would they simply add it to the end of the loan? The reason I ask is that 5k would clear my credit card debts and then I could cut up my card and use the credit card money to repay the 'missed payments' at a much lower interest rate? Just a question.... Thanks in advance
New poster here, but regular reader!
Upon speaking to my mortgage provider, they made it clear that they dont really chase mortgage payments until "5 or 6" have been missed. My question is 5 or 6 mortgage payments for us, is approx 5k. Would the bank come back looking for the missed payments after the 5 or 6 missed, or would they simply add it to the end of the loan? The reason I ask is that 5k would clear my credit card debts and then I could cut up my card and use the credit card money to repay the 'missed payments' at a much lower interest rate? Just a question.... Thanks in advance