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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Not worth the additional expense Posted by Reinstatement Services, Inc. on February 24, 2002 at 7:31 PM In Reply to: suing lender posted by Marlene on February 24, 2002 at 7:13 PM Although most lenders wait until at least the 3rd missed payment before taking the kind of aggressive action you speak of, technically, your lender is within their rights to consider the loan in default once the first monthly payment is missed. Along with this right comes the right to remedy as outlined in your loan contract [refer to your mortgage contract]. Because they 'might not' have taken a particular action had the misapplied payment been recorded correctly does not mean that they operated outside the scope of their rights by initiating the proceeding. One fact that cannot be changed is this: the loan was delinquent either way you look at it. That's a huge hurdle no court of law would ignore should you decide to move forward. Default Management and Foreclosure Mediation Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Although most lenders wait until at least the 3rd missed payment before taking the kind of aggressive action you speak of, technically, your lender is within their rights to consider the loan in default once the first monthly payment is missed. : Along with this right comes the right to remedy as outlined in your loan contract [refer to your mortgage contract]. : Because they 'might not' have taken a particular action had the misapplied payment been recorded correctly does not mean that they operated outside the scope of their rights by initiating the proceeding. One fact that cannot be changed is this: the loan was delinquent either way you look at it. That's a huge hurdle no court of law would ignore should you decide to move forward. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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