Why won't they accept my payment, I want to pay them.
We continue to get a lot of clients who contact us saying that the mortgage company will not accept my payment. The bottom line is that if you are more than 30 days past due date they will not accept one payment. They will only accept the entire amount that is past due. The reason for this is that legally if they accept payments from you they can not begin the foreclosure process. Don't misunderstand what we are saying they don't want to foreclose unless they have to, but they have to protect their interest. If they continually allow you to be 30 to 60 days past due and accept payments then they cannot go forward with the foreclosure. This is why they will accept the entire amount that the past due and will return any partial payments.
”I have tried to pay February's payment and the mortgage co refuses to accept it.. I only owe February's payment and now March. I have gotten divorced, taken over the house on my own in the last year, suffered a heart attack and had open heart surgery to repair 3 arteries- 3 mos off work on 60% disability had to obtain a new job and just got out the hospital last week from pneumonia and pleurisy. The mortgage company could care less and only want their money. Please assist me, I have the house for sale and am trying absolve the mortgage but now they are advising they are going to foreclose on 4/12/07. ”
We can get the mortgage company to accept a partial payment if a workout has been approved. That is the only way they will accept less than full amount to bring the loan current. This work out must be a signed agreement from the mortgage company stipulating the partial payment with an arrangement to pay back the remaining delinquency.
- My loan is 90 days past due, what can we do? - March 21, 2007
- I have received calls from people saying they bought my house... is this true? - March 21, 2007
- My income is up and down seasonally, HomEq does not care - March 19, 2008
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