We are 15 months behind on our mortgage but feel we will have all the back payments within the next 2 months to give to our lender. They do not accept partial payments and denied us for a modification. They did tell me we could stop further action if we submitted all monies due except for fees which could be worked out later.
Real Estate Attorney
If you intend to reinstate your mortgage, do not pay the lender any money until you have received a written reinstatement figure. Do not trust what the lender or servicer is verbally telling you. If you make only a partial payment, they will likely accept your money and continue with the foreclosure.
I stronly caution you not to go about this process without the assistance of an attorney experienced in foreclosure law who practices in your area. Good luck.
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4 lawyers agree
Real Estate Attorney
That means that they are filing the foreclosure action and your title is stopped from being transferred. If you wish to retain your home speak to a knowledgeable attorney that can defend your lawsuit and obtain a loan mod for you
1 lawyer agrees
By filing the lis pendens the lender is proceeding with the foreclosure. If you retain an experienced foreclosure attorney you should be able to buy yourself enough time to get you the best possible resolution.
I agree with my colleague: Don't pay your lender a lump sum without first obtaining a reinstatement quote in writing. In addition, just because you were denied a modification in the past does not mean that you cannot be considered again. Many factors are involved, such as your lender's specific policies on modification and your income. The attorney you choose to represent you should be able to discuss all of these matters with you in detail and inform you of all of your options. Good luck.
2 lawyers agree
I agree with my colleagues. The lender is proceeding with a foreclosure action. The filing of the Lis Pendens is the first step. You will probably be served with the Complaint soon. I do not recommend that you pay a lump sum to the bank until you receive a reinstatement letter (payoff letter) from the bank. I strongly recommend that you retain an attorney to defend the foreclosure action and give you enough time to save up to reinstate the loan if that is what you wish to do. Many attorneys on here, including myself, offer free initial consultations.
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