Default vs Forclosure

[Charjun]

What is the name of your state? KY
What is the difference in default and forclosure? We are currently facing default I believe, and they wont wait 7 more days for the June payment. I have posted our situation in the Bankruptcy portion of this forum, if anyone cares to read it. Is default more like a warning? (I can only hope) The mortgage co. is really nasty on the phone, and aren't clear on their intentions, other than to send them the money.

[LindaP777]

Originally Posted by Charjun

The mortgage co. is really nasty on the phone, and aren't clear on their intentions, other than to send them the money.

Then send them the money they are owed. Simple as that!

If you are late or behind in payments, you are in default of the terms of the mortgage. Call the bank immediately, profusely apologize and pay them all the money they are owe to bring the loan current, including late fees and attorney fees (if any).
If you continue to be in default, they will foreclose.

[lcannister]

CALL the collections dept and discuss your situation BEFORE it is too late. Or immediately send a RRR letter stating the payment arrangements you can make such as paying the arrearages spread over 6 months along with your current payments. Is this a quick fix where you have no means of really making the payments and need to sell the home and get into another place? Or have an Atty do it for you on LETTERHEAD.

Now unfortunately you have this posted in several places and the ones who read here do not know what the people in the bankruptcy section are telling you (some of us do not read all th fourms), it is best to post in under 1 relevant topic and not in several.

Do you want to save the home? Since you put it in the BK section have you/are you going to declare BK?

Unless they have sent your account to their legal dept. there are NO atty fees yet.

Good luck!

[Charjun]

[quote=LindaP777;1659930]Then send them the money they are owed. Simple as that!

Your intelligence is astounding, really. I wish I would have thought of that when my husband had an extended illness. Maybe I would have considered paying them from the several thousand dollars I have stashed in my off shore bank accounts.

Silly me, sorry I stopped in for some advice, I won't do that again because of stupid, offensive, condensending remarks such as that. I am not ignorant, unlike you, and unfortunately or (really fortunately) only seen your reply at this time.

For anyone who REALLY needs some advice, you can do things like report the company to the Better Business Bureau. I did. The company has been pleasant since. Guess I knew what to do all along without coming to a bash board for someone to berate me.

Judge not lest you be judged-it could someday very well be you MsLinda----

PS. Thanks to lcannister for your advice- fortunately it didn't come to that. And you may have helped someone else in the same position as I was in.

[FlyingRon]

Default is the act of failing to live up to your contractual agreements (in this case making the payments).

Foreclosure is the remedy for this default, it is the act of forcing the sale of the property to satisfied the secured debt.

You've already defaulted.

In Kentucky, there's no non-judicial foreclosure, so everything goes through a court process. The lender files the complaint with the court and things progress through there. The process is slower than many states. When served you have 21 days to respond and then most likely the sale is scheduled a month later.

The company is under no obligation to be nice or cooperate with you. They're free to insist on you living up to your contract with them.