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02-11-2005, 08:05 AM
| | Junior Member | | Join Date: Feb 2005
Posts: 2
| | | Can I pay the past due balance due on my mortgage to stop foreclosure proceedings?
What is the name of your state? Minnesota
I am three months behind on my mortgage due to a loss of wages over the past 12 months. I have just received a letter from an attorney stating that they are starting foreclosure procedures. In the letter it states that we need to pay the entire balance due of our mortgage (around $183,000). Is this true? I was under the assumption that if I came up with the past due balance and penalties, etc. that the foreclosure would be stopped. Any advice on this matter would be appreciated.
Thank-you |
02-11-2005, 08:29 AM
| | | | "...I was under the assumption that if I came up with the past due balance and penalties, etc. that the foreclosure would be stopped...."
Wrong. Read your mortgage. It says that once you are in default, anything the lender does or anything you do does not get you out of default.
BUT, work with them. They would rather have the money than your house. Ask the lender these questions. |
02-11-2005, 08:45 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,241
| | Quote: |
Originally Posted by kkrone What is the name of your state? Minnesota
I am three months behind on my mortgage due to a loss of wages over the past 12 months. I have just received a letter from an attorney stating that they are starting foreclosure procedures. In the letter it states that we need to pay the entire balance due of our mortgage (around $183,000). Is this true? I was under the assumption that if I came up with the past due balance and penalties, etc. that the foreclosure would be stopped. Any advice on this matter would be appreciated.
Thank-you |
**A: in the event of default the lender reserved and has the right to "call the loan due". |
02-11-2005, 02:55 PM
| | Junior Member | | Join Date: Feb 2005
Posts: 2
| | Quote: |
Originally Posted by seniorjudge "...I was under the assumption that if I came up with the past due balance and penalties, etc. that the foreclosure would be stopped...."
Wrong. Read your mortgage. It says that once you are in default, anything the lender does or anything you do does not get you out of default.
BUT, work with them. They would rather have the money than your house. Ask the lender these questions. | What questions should I ask the lender (I did not see anything listed) or should I work directly with the attorney who sent the letter? |
02-11-2005, 03:02 PM
| | | | Q: What questions should I ask the lender
A: I am three months behind on my mortgage due to a loss of wages over the past 12 months. I have just received a letter from an attorney stating that they are starting foreclosure procedures. In the letter it states that we need to pay the entire balance due of our mortgage (around $183,000). Is this true? I was under the assumption that if I came up with the past due balance and penalties, etc. that the foreclosure would be stopped. Any advice on this matter would be appreciated.
Q: should I work directly with the attorney who sent the letter?
A: The attorney is the lender's representative so working with the attorney is the same as working with the lender. |
02-11-2005, 11:51 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,241
| | Quote: |
Originally Posted by kkrone What questions should I ask the lender ? |
**A: how's do you want payment in cash or cashier's check? | |
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