I was late 30 days ONE time and now in foreclosure. My lendor did not "apply" my payments after that month .I had hardship of a death in my family and I dont know what to do.
PLEASE help. should I refi out of this? can I?
2007-11-29 18:07:29 · 3 answers · asked by sam 4 in Business & Finance ➔ Renting & Real Estate
If you're late, the bank can start foreclosure. You're in default of the mortgage contract. But you should talk to the court system and ask what you can do. They may order the bank to try to work with you and get your payments back on track.
Hopefully, you have the money saved up that would have gone to the mortgage payments that the bank is counting as missed. If not, then they may just go ahead with the foreclosure.
If your credit is still adequate, you might be better off refinancing. But if not, then you should work with the bank or sell.
2007-11-30 07:15:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Something sounds askew here. Most lenders are NOT interested in a foreclosure and do not initiate such proceedings over ONE late payment. An attorney won't help if the lender is not violating the terms of the mortgage agreement.
However, it sounds extremely odd that a lender would do a foreclosure over what you claim.
2007-11-29 23:31:50 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
I would talk to a lawyer.
2007-11-29 18:15:02 · answer #3 · answered by TSSA! 3 · 1⤊ 0⤋