lost job,company moved ,got job making half the money i was getting a week lost that job .49 days past due constent phone calls and threats lost brother in law no ins.had to help pay funeral .they wont wait till the tenth
my husband gets payed on that day and we can make the payment they want it before the end of the monththey told me bankruptcy would not do any good
Most mortgage documents allow them to declare default (the condition that triggers a right to foreclose) once you are 30 days behind. The reality is that they could wait months or years to actually foreclose, and it is totally up to them. The problem is that they will not take partial payments, and will want all payments with all late fees paid at once, because they cannot start a foreclosure if they have accepted payments within a certain period of time. They can also accelerate the entire balance, and demand that the loan be paid off in full instead, although they will usually still work with you. I suggest that, if you cannot pay the loan completely current (including all late fees) contact the loss mitigation department of the mortgage company about options such as modification, deferment, or workout. Worst case, if you can't get caught up on their terms, consider a chapter 13 bankruptcy to avoid foreclosure and pay current at your pace.
The above information is general in nature. In order to obtain more specific legal advice upon which to base your important decisions, you should consult with an attorney in person and retain one of your choosing. Robert M. Gardner, Jr. Hicks, Massey & Gardner, LLP
The loan papers themselves have language that will say when a lender can foreclose, which could be immediately or often after 30 days. Realistically most lenders take far longer. I should add that if you get significantly behind bankruptcy may save a home, so if you get in that situation, do not rely on the erroneous statements by the lender. I suspect, although there is now ay to promise this, that you'll be fine paying on the 10th.
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A lender will normally want to foreclose when you become at least three or more months behind in your mortgage payments. (Some lenders go much longer, as much as one or two years.) Before you can be forced to move out, the lender needs to first foreclose on your house, then have you evicted. The lender’s attorney must first send you a letter in which they demand payment, in which they usually tell you that foreclosure will occur unless they are paid. They may give you thirty days to pay or to dispute the debt, but they are only required by law to wait ten days for you to pay in full.
Next, the lender’s attorney is required to publically publish notice of the upcoming foreclosure sale in the official newspaper for public legal notices in the county where the property is located. This legal notice must be published for four weeks before the date of the auction. The auctions are almost always held the first Tuesday of each month. The lender’s attorney must notify the lender of the sale date by certified mail within fifteen days of the sale.
However, if you file Chapter 13 bankruptcy, the court automatically forbids the lender to foreclose (called a “stay”) to give you time to make payment arrangements. If your attorney files an acceptable plan with the court, proving that you can make your required mortgage payments and also catch up all overdue payments within three to five years, the stay normally is allowed to remain throughout the bankruptcy, at the end of which, if you have made all your required payments, the lender has no reason to foreclose.
However, if you file Chapter 13, file an acceptable plan, and then fail to make payments again sometime during the three to five years, the lender may file, and be granted, a Motion to Lift Stay, and foreclosure may then proceed.
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