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February 03, 2023, 04:16:44 am
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Author Topic: Will my bank accept past due payments in full?  (Read 1716 times)

Offline poinciana

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Will my bank accept past due payments in full?
« on: October 08, 2006, 08:32:08 pm »
I have a question
my financial situation was horrible for the past 3-4 years...this year has seen a gradual, steady improvement...now I am a few weeks away from dramatic improvement...I am self-employed and have landed a big contract, which should provide me with security for some time...but I have one last battle to fight.....besides cleaning up my credit:

I have been chronically late with my mortgage, which I know really hurts my CR, but I have ALWAYS caught it back up....I've been on the brink of foreclosure more times than I care to count, but I always have staved it off by paying late mortgage payments and getting current. Then I repeat the cycle, by getting 90 days behind, then come up with the $$$ to make it current...then repeat the process....this has happened 4 - 5 times..one time it went so far that they piled on $2500 in legal fees as we headed into foreclosure, but, as always, I came up with the money to bring it current....so I find myself in a familar position one last time...I owe my bank $6200 by Oct. 10 (Tuesday)....I think there is a decent shot I'll have the full amount by then and can just clear it up and go on...if I don't, then I'll have more than enough to pay it off within the next few weeks, even if they go so far as to heap $2000 of "legal fees" on me again...I guess my worry/question is: can a bank ever just say "ah, heck with this guy, he's been a chronic headache...let's foreclose anyway." I don't think they legally can..I think there are some homeowners rights...and even if they legally could, I doubt they would...don't banks really dislike foreclosing?

Offline michele66

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Re:Will my bank accept past due payments in full?
« Reply #1 on: October 09, 2006, 11:17:29 am »
Poinciana,Make sure you pay what you have to and get back to the payments.Banks don't want to own houses the want to loan money to people.The only way they can take your house is if you dont pay before the 10th.I guess that is when your place is going to auctioned off.If anything talk to your bank and let them know what is going on.They just don't want to be in the dark.Just my two cents!!I hope this helps you.Michele

Offline poinciana

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Re:Will my bank accept past due payments in full?
« Reply #2 on: October 09, 2006, 11:25:03 am »
Thanks...actually, the loan hasn't even been turned over to the "foreclosure dept" yet.....the 10th is just when it gets kicked over to their foreclosure dept and then some legal fees would begin to accumalate....I'll have all the $$$ I need to get the loan current and pay any legal fees long before it gets to foreclosure...I guess I'm just paranoid that the bank could somehow refuse that and just decide to foreclose anyway....probably an unlikely scenario......but comforting words from others are nice....thanks!

 




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