My mother left this land in trust . Lawyer never paid it off like requested . We have been paying mortgage for 4 years . Struggling . We pay late every month but it gets paid . Every month they call us at work . Our personal phones are work phones . We have told them we will call if we have problems . Now they just sent back our December - January payments and refusing more until we have the executor of estate ( none ) provide pertinent information and are once again threatening foreclosure . They want this land cuss of oil boom . It's appraisal has more then doubled . They appraised it 2 months ago without asking us and charged us for it . We are just trying to hang on long enough to sell it and buy land outright and not have a foreclosure . This one is high interest .
I know that your situation has been very difficult. Unfortunately, the lender has rights. Of those rights they need to be paid on time. If they are not paid on time they have the right to inspect the property to make certain it is in good condition and determine the value. If they are not paid on time they have the right to pursue a foreclosure and/or, perhaps, a law suit. From your description that is what they are currently doing.
I highly recommend that you meet with a very good foreclosure/real estate attorney in order to determine your rights.
My best to you.
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Real Estate Attorney
I agree with Ms. Drain. Your late payments more than likely triggered late charges and additional interest, which is why the December and January payments were sent back to you. The lender is not required to accept a payment that is short. You should probably reach out to an attorney ASAP. Do not wait until the day before the foreclosure to seek help. Best of luck to you!
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