here is my question a friend is going threw foreclosure by the seller not a bank. He missed like 2 months payment in 06 and was going to make them up in the future. He paid jan,feb,mar of 07. And the owner took the payments and he was filing for foreclosure. If he goes to court do you think he can slow down the process or stop it if he makes the back payments. Thanks for any help.
Your friend needs to speak with a real estate attorney. We don’t know the language of the note between your friend and the seller. The attorney will have to read the note and give you a determination of where your friend stands at this point.
Hopefully, the attorney will be able to successfully argue that the seller forfeited his right to foreclose by continuing to accept mortgage payments even though your friend is still in arrears.
Thanks Dave T. He went to a real estate attorney and he basically said the same thing you said so thanks again.
fight fight fight!!!
most mortgages have a method for “curing” a default.
if the mortgage was written right, the seller didn’t waive any rights by accepting payments, but the buyer may have (inadvertently) cured the default in some way.
Yeah he is going to fight it. Thanks for the replies.
If the seller is rational he will not take any further action if the payments are made up. Why go through all of the expense of foreclosing and remarketing the house if the guy catches up and continues paying.
well to tell you the truth the owner’s daughter is co owner of the property and i believe she is the one that wants the property back. Also my friend got a good deal on it. He put some work into it and now it is worth more than before so the guy probably see it is worth going threw with the foreclosure but i understand what you are saying and hopefully he will stop going threw with the foreclosure.