2007-10-23 08:44:59 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes .... your lender can "possibly" foreclose EVEN if you are making monthly payments. You need to read your mortgage
contract to see what those other reasons would be.
For example ... Most mortgages require that you maintain
the property in a certain condition. You can not keep hazardous or explosive materials on the property. You can
not conduct illegal activities on the property. There are
many reasons such as these ... Where the lender "could"
opt to foreclosure.
Also, most lenders reserve the right to "accelerate" the payments due ... under certain circumstances. You need
to know WHAT those circumstances are. (If the payments
are accelerated ... the Lender could call for "all future payments to become DUE NOW!) ... Again you need to know when and if this is a possibility.
Most of this information is discussed at the closing table ...
But, you may not have paid attention ... Or, maybe you don't
remember.
Again ... Get a copy of your Mortgage Contract .... So that
you are clear on when and if your lender can foreclose even
if monthly payments are current ... You can also call your
Lender's Customer Service Department.
2007-10-23 09:31:56 · answer #1 · answered by kjh 3 · 2⤊ 0⤋
I am taking your question to mean that you are making payments monthly, but not in the amount required by the mortgage terms. Yes, they CAN foreclose if your lowered payments fall below that which is required. They may be slower to do so, but it will happen eventually.
2007-10-23 08:54:11 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Why would he? He'd then have to lose all that income while looking to replace you for his payments.
But legally, no. He can only foreclose if you are in default, which is mostly about the payments. Foreclosure is a legal process and what judge is going to give someone else a house that you've been paying for?
2007-10-23 08:49:04 · answer #3 · answered by Marc X 6 · 0⤊ 1⤋
No, they are in a legally binding agreement just like you are. You agreed to pay them their money back, and they agreed to loan you the money. I'm assuming your monthly payments are for the amount they are asking for. You can't pay half of your payment and expect them to live with it.
2007-10-23 08:48:46 · answer #4 · answered by Amsiar 4 · 1⤊ 1⤋
If you're meeting the terms of your mortgage, the lender cannot foreclose.
2007-10-23 08:47:51 · answer #5 · answered by Debdeb 7 · 3⤊ 0⤋
Depends on state and how far in arrears you are. Most states need at least 90 days delinquent before they allow a foreclosure action to start.
2007-10-23 08:48:42 · answer #6 · answered by wizjp 7 · 1⤊ 1⤋
If you're making the full payment each month, they won't foreclose on you! You're being a good borrower and are making them money (they make money on your interest, so they WANT you to keep paying!)
2007-10-23 08:48:08 · answer #7 · answered by elsie 6 · 2⤊ 1⤋
If you are not making some kind of payments that have your account current, then they do what they have to do....otherwise, it would not make sense to foreclose if you are making current payments....
2007-10-23 08:49:38 · answer #8 · answered by dianaparisian 4 · 0⤊ 1⤋
NOT IF YOU ARE MAKING YOUR REGULER MORTGAGE PAYMENTS.
BUT IF THE PAYMENTS THAT YOU ARE REFERRING TO ARE FOR DELINQUENT PAYMENTS, THEN YES THE LENDER CAN FORECLOSE.
2007-10-23 08:52:08 · answer #9 · answered by BLUSKEYES 7 · 0⤊ 1⤋
If you are delinquent according to the terms of your mortgage, yes. Plain and simple.
2007-10-23 08:47:24 · answer #10 · answered by Slick98 5 · 3⤊ 1⤋