I have been on a mission and my mortgage went into default. I have the money in the account and its been building up since the bank stopped taking out the payments. Now they have turned it over to an attorney. What do I do? I live in Ontario, Canada.
2007-08-01 12:08:45 · 4 answers · asked by Jeff F 2 in Business & Finance ➔ Personal Finance
We took our 5 children to serve a medical mission in Africa and thought we had everything in order, but due to some extra fees that we weren't expecting, our account did not have sufficient funds for one of the automatic withdrawals. Once the bank got an NSF alert, they stopped trying to get the amount. It accrued over 3 and 1/2 months and they turned it over to an attorney. I'm terrified that our only possession, our home, will be forfeit because we chose to serve a mission.
2007-08-01 15:12:50 · update #1
Contact the attorney and find out how much you need to bring the loan current. If you really have the money in your account, all you should have to do is write a check to clear this up.
2007-08-01 12:31:50 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Don't worry. Whenever a mortgage goes into default, there is almost always a clause that you can bring the mortgage current, although you will probably have to pay some late fees. Contact the attorney, explain the situation, tell him the money is in the bank but due to a problem the bank had not been transfering the payment.
Tell them you will transfer the money immediately and ask him what the penalties are so you can bring them current.
If you are very nice about it, you might also request and get some if not all of the late fees waived when you make the payment.
2007-08-01 12:21:02 · answer #2 · answered by rlloydevans 4 · 0⤊ 0⤋
You need to contact the lender directly and the attorney they turned it over to. Let them know you have the funds to bring the loan current and pay the fees and charges along with it. The bank does not want the home they would rather have their money. I was a VP in banking for 15 years
2007-08-01 12:20:18 · answer #3 · answered by mike d 1 · 0⤊ 0⤋
straight forward answer: Have individual B sign an "authorization to launch." that helps individual A to speak directly to the lender. e mail me for a pair of diverse samples, in case you choose. If individual B won't sign an "authorization to launch," you're in difficulty. You ask: "If the loan is going into default then what happens to the living house if individual A isn't able to communicate with the lender?" answer: finally, foreclosures. You ask: "Is individual A asked by using the lender to assume the loan?" answer: No. No reason the lender might. You ask: "Will individual A could desire to seek for a loan on their very own?" answer: It would not help. out of your situation, individual B is the only defaulting. individual A has no status in the priority. You ask: "Can individual A shop the living house in any respect?" answer: confident. individual A will pay the loan. Ask individual B to grant you the fee e book. Then each and each month individual A makes the money. examine with a actual property criminal professional for further information. desire that helps.
2016-10-09 00:30:35 · answer #4 · answered by Erika 4 · 0⤊ 0⤋