<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by MICHAEL BEAVERS:
I HAVE BEEN PAYING A MORTGAGE CO. PAYMENTS FOR MY HOUSE FOR ALMOST 2 YRS. WHEN I DIVORCED 2 YRS AGO I BECAME 1 MTH BEHIND ON MY PAYMENTS. I PAY EVERY MONTH AND HAVE CONTACTED THE MORTGAGE CO. ABOUT TRYING TO CATCH THE PAYMENT UP. ALL THEY WOULD DO IS TELL ME TO PAY 1 1/2 PAYMENTS FOR TWO MONTHS. I CAN NOT COME UP WITH THIS MUCH MONEY. NOW I HAVE SENT A REGULAR PAYMENT TO THEM AND THEY RETURNED IT AND SENT A LETTER TELLING ME THEY WOULD NOT EXCEPT ANYTHING LESS THAN THE TWO MONTHS DUE. CAN THEY DO THIS?? AND WHAT ARE MY RIGHTS?<HR></BLOCKQUOTE>
Yes the mortgage company can reject partial payment and demand and only accept full payment to keep your loan current. Normally the lender does not do this unless the borrower is a consistent slow payer or is always behind in payments. Logically it makes no sense for the mortgage company to reject any money, but there are legal ramifications. If they accept partial payments they are in essence agreeing that you are not in default and it is ok to continue on that partial payment basis. As far as payments are concerned you really have very limited rights in the matter ie. pay the contracted amount in full and on time, pay a larger amount (common no prepayment penalty clause) or pay the loan off. Read your mortgage document and your prom note for the myriad of rights that the mortgage company has with respect to when you do not pay or fail to pay the contracted amount.
Be careful and try to get the total due paid even if you have to borrow the money. When a lender refuses payment such as in your case, it is a lender legal field positioning and a sign of preforeclosure action.
