A Trucker's Wife Point of View

I know that once my paycheck was late because my employer was switching banks and direct-deposit went away for a few pay periods. My check never got here. They would ask me to wait another day, etc. Still no check. As a result, my credit card payment was late. They put my interest rate up to 29.99% (It might have even been more than that). I was furious. I had been a great customer with them for more than 5 years, was always on-time with my payment, always paid more than the minimum due. But it was in the notices they send out (that most people don't read). I certainly didn't. It had a large balance so it was difficult for me to transfer the balance off to other cards. I wound up having to pay that for 6 months and then I called them to negotiate a new rate and they actually gave me a better rate than I had before. So bizarre. Anyway, I wonder if your mortgage agreement has some sort of clause like that. Maybe they are compounding the interest like those a loan shark would give you.

Just know, that the new bankruptcy laws still require that you pay off your bills (previously they used to wipe out what a person owed). However, I do believe you get to keep your car and your house but they will take all other credit cards and once you have that on your record, it stays there for 7 or 8 years. It would be hard to obtain credit with that on your record.

I believe that mortgage companies really don't want all these houses foreclosed on that they can't sell, so if they have someone who is making an effort to pay, they are going to deal with them regardless

Looks like my post got cut off.. I think the rest of it

...regardless of what a collection agency is threatening will happen.

Agree with Chassan. It was the first thing I learned when I started having conflict with the school district -- if it was not written down, it was never said, and could never be used as evidence either.