Can A Mortgage Company Do This?
Hi,
I'm trying to help a friend of my wife. They were one month late on their payments for their house. The tried to send in the 2nd month but the mortgage company send the payment back and refused to accept payment. They are setting a Forclosure date of early December. Can a mortgage company refuse payment? What would be the best step for my wifes friend to take? I looked up this company "homecoming financial" that the mortgage is with and they seem to have a bad history of trying to forclose on peoples home. Any suggestions I can give my friend would be appreciated. I have told her to talk to the mortgage company and even go to the CEO or Officer if necessary. I have also told her to contact the attorney general. Any advise to help her would be appreciated.
I would contact an attorney. I tseems pretty stupid to me that a company would rather foreclose than take payment especially after a month. I would question how far your friend is really behind on payments, no offeense to your friend
Unfortunately the mortgage company isn't doing anything wrong as far as the information you gave so the state A.G. or the CEO of the company aren't going to do you much good.
Like the prior post states, I would seriously doubt they are only a month or two behind and the mortgage company is doing this.
There may be a case where she was behind before and they made an arrangement with her and she is now breaking that agreement.
Is the property involved in a bankruptcy? That can sometimes make lenders unreasonable.
Refusing payments is a sign that they are usually done negotiating with the buyer for whatever reason.
That is how lenders work. If you miss an $800 payment one month, the next month you have to pay $1,600. If you try to send in $800, they will refuse it. They want totally caught up. The fact that the foreclosure date is set in Dec. is odd. Usually it takes about a year here in Iowa to go from missing a payment to totally losing the house. I would make sure they're telling the truth to you. Perhaps they are just embarassed.
Quote:
On 2004-11-17 00:22, dnvrkid wrote:
Unfortunately the mortgage company isn't doing anything wrong as far as the information you gave so the state A.G. or the CEO of the company aren't going to do you much good.
Like the prior post states, I would seriously doubt they are only a month or two behind and the mortgage company is doing this.
There may be a case where she was behind before and they made an arrangement with her and she is now breaking that agreement.
Is the property involved in a bankruptcy? That can sometimes make lenders unreasonable.
Refusing payments is a sign that they are usually done negotiating with the buyer for whatever reason.