InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Yes, lenders can dictate their payment make-up routine. Posted by Ward-CA- on December 14, 2001 at 6:49 AM In Reply to: can a lender decline to accept? posted by James Johnson on December 12, 2001 at 4:37 PM : I am 2 months behind on mortage and my lender says if I do not pay one payment tomorrow and another by the end of the month he will decline both payments..Question 1 Can he hold the payment I send tomorrow untill the end of the month and decline it if I do not make another payment at the end of the month?which will make me 3 months behind and they will go on with the forclosure papers.Question 2 What time frame do you have to be behind for a lender to start declining to accept your payments? I live in Ga. Thanks. =?=?=?=?=?=?=?=?=?=?= James, 1). I?ve learned that a lender can insist to be brought completely up-to-date in just about any fashion they desire, and that it?s almost useless to try to change those parameters. 2). Most states have provisions where a lender is entitled to collect a specified late charge after a monthly installment payment is more than X number of days delinquent. For example, here in CA it is standard for mortgage lenders to charge a 6% late charge on any installment paid later than 10 to 15 days after it is due. So after that 10 to 15 day grace period has run the lender can refuse to accept any payment tendered that is less than 106% of the regular payment. And it is pretty well established that a lender cannot start a foreclosure until after the 10 to 15 grace period has expired. But even so, most lenders will refrain from initiating a foreclosure that soon and will elect to wait until you are behind three payments or more before beginning a foreclosure. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am 2 months behind on mortage and my lender says if I do not pay one payment tomorrow and another by the end of the month he will decline both payments..Question 1 Can he hold the payment I send tomorrow untill the end of the month and decline it if I do not make another payment at the end of the month?which will make me 3 months behind and they will go on with the forclosure papers.Question 2 What time frame do you have to be behind for a lender to start declining to accept your payments? I live in Ga. Thanks. : =?=?=?=?=?=?=?=?=?=?= : James, : 1). I?ve learned that a lender can insist to be brought completely up-to-date in just about any fashion they desire, and that it?s almost useless to try to change those parameters. : 2). Most states have provisions where a lender is entitled to collect a specified late charge after a monthly installment payment is more than X number of days delinquent. For example, here in CA it is standard for mortgage lenders to charge a 6% late charge on any installment paid later than 10 to 15 days after it is due. So after that 10 to 15 day grace period has run the lender can refuse to accept any payment tendered that is less than 106% of the regular payment. : And it is pretty well established that a lender cannot start a foreclosure until after the 10 to 15 grace period has expired. But even so, most lenders will refrain from initiating a foreclosure that soon and will elect to wait until you are behind three payments or more before beginning a foreclosure. : Hope this helps. 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

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455