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I live in the state of MS.My mortgage lender forclosed on my property without the loan being 3 full payments behind.According to a print-out given me today,the loan is 58 days late with a total amount due of 2468.65,including 412.82 late fees,and a required monthly payment of 1033.73.The loan was forclosed on 8-7-09 eventhough a payment of 900 dollars was made on approx 8-4-09.The lender is also paying forced insurance in the amount of 110.00 dls per month,and has been doing so since May of '06,but this amount is not reflected on the total amount due. Our mortgage is adjustable and was scheduled to re-adjust on 09-09.We tried to work out a payment plan and faxed a hardship letter to the bank on 7-7-09, requesting to modify the terms of our mortgage.The lender refused to honor this request on the basis that theirs was a privately owned bank that didn't participate in the bank bailout program.How could the bank foreclose with the borrowers being 3 full payments late.What can we do?
State/Country relating to Question: Mississippi Already Tried: Nothing
did your loan documents require that you be 3 payments behind before the lender could foreclose?
Not sure.I dont have a copy of them.
ok, so why are you under the belief that the lender must wait for you to be behind 3 months?
Maybe that was presumptious of me, but we've previously been a little more than 2 payments behind on more than one occasion and were allowed to make those payments to bring the loan current.
i understand, but technically if a borrower is more than 30 days behind, a lender can foreclose on the property.
Attorney
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