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socrateaser, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 38899
Experience:  Retired (mostly)
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If the loan company sent apayment back and said they will not

Customer Question

if the loan company sent apayment back and said they will not accept any morpayment and casha pamenmt the very next week can they tell you that ther going to forclous on your loan
Submitted: 2 years ago.
Category: Consumer Protection Law
Expert:  socrateaser replied 2 years ago.
Hello, If the lender has accepted payments sufficient to bring the loan current, then no foreclosure is possible, because there is no default in the loan agreement. The borrower's payment, even if late, operates to "cure the default." However, the borrower may be liable for late fees, or additional interest, which if not paid could create a separate default. And, that separate default could be grounds to foreclose. The only way to absolutely avoid foreclosure is to make certain that all deficiencies are brought current. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using!

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