2007-04-29 04:03:32 · 3 answers · asked by lazerwiz_2000 1 in Business & Finance ➔ Renting & Real Estate
If your are behind on your payments, they are not obligated to accept anything less than the amount needed to bring the loan (but not the impounds in most states) current.
If the loan is in default, they may have accelerated the note and if so are not obligated to accept anything less than payment in full of the outstanding balance.
Either of these situations is typically a harbinger of pending foreclosure action. Most lenders will work with you on it, but a few of the "B Paper" carriers will not; their business model is often the acquisition of defaulted properties, not mortgage lending.
2007-04-29 05:27:36 · answer #1 · answered by Bostonian In MO 7 · 4⤊ 0⤋
After your mortgage company has accelerated your loan, they are no longer able to accept a payment less than the total amount required to bring it current. You will need to contact your lender to see what they are now requesting as a payment! If you are less than120 days behind on your mortgage I may be able to help! visit http://branch777.com/Home.aspx
2007-04-29 04:37:39 · answer #2 · answered by RSUM 2 · 0⤊ 0⤋
They can, but if you're not months overdue, and are paying all of what you owe, they normally wouldn't.
2007-04-29 04:14:04 · answer #3 · answered by Judy 7 · 0⤊ 0⤋