If you are a mortgage holder, then you might have an expired mortgage. You might also want to know how long is 60 months. Your mortgage may expire if it is over 5 years old, and you do not pay the interest every month. This article will help answer your question on how to calculate the expiration date of your mortgage!
The expiration date of your mortgage is calculated by adding 60 months to the first day that you started paying it. For example, if you took out a 30-year fixed-rate mortgage on January 14th, 2016 and have made monthly payments starting with February 15th, then the calculation would be:
February 16th + 59 days
February 16th + 60 days
February 16th + 61 days
The expiration date of your mortgage would be February 12, 2019. You can also calculate the expiration date by multiplying 365 x number of months and then adding one to it! For example: (365 x 29) = 9345; therefore the expiration date for this mortgage would be October 15th, 2018.
February 16th + 59 days = July 31st, 2017; therefore the expiration date for this mortgage would be September 16th, 2020.
how long is 60 months
how to calculate elapsed time for a mortgage
what happens when the expiration date of the mortgage arrives and you have not paid?
What are some things that may happen if I don’t pay my loan on time?
You can end up in foreclosure. Some lenders will allow you to pay a minimal amount to keep your loan current but you must have missed at least two payments.
A foreclosure can also happen if the borrower does not make any mortgage payment for six months or more and there is an unpaid balance on the property of $25,000 or more.
You may be required to pay penalties like late fees which will be a percentage of the missed payments, and there is also some risk that the lender will want to charge you for “force-placed insurance” if your previous mortgage did not have this type of coverage.
Some lenders are willing to work with homeowners who get into trouble but they may need collateral in order to secure their loan.
This might be a second mortgage or a home equity line of credit.
The best thing to do, if you are considering missing payments on your mortgage, is to contact the lender as soon as possible.
They may be willing to work with you and give you a modification or deferment of some type that will help you stay current with your loan.
If they agree then it could save both them money and you money.
If they don’t then it may be time to contact an attorney who can help with foreclosure proceedings and other matters.
The one thing lenders will not do is renegotiate your terms of the original loan, regardless how badly you need help now.
Nor are they going to waive late fees or some type of fee just because you are struggling.
Nonetheless, if you can’t afford to keep your loan current on a sustainable basis or the terms of the original loan have changed and it is no longer feasible for you then this may be time to contact an attorney.
If they don’t agree with what I am saying then maybe it’s time considering contacting one.