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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39176
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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I have a situation that is probably common but is now happening

Customer Question

I have a situation that is probably common but is now happening to me. Here is a brief scenairo.I entered into a home loan with a local bank in June 2009.This was a second loan with this bank the other for a piece of property. To date i have never missed a payment and anytime i was going to be late i always called and let them know whats up.The bank recently became in financial trouble and sold to a larger bank,this happened within the last couple months.When the new bank took over alot of the people i have been dealing with were let go and or reassigned.The person i had been dealing with was let go and a new credit,exec vp e mailed me and let me know she was in charge. HERE IS THE QUESTION. For aprx the last yr, because of some recent hardships, I had asked the bank to move my $3,292 dollar payment from the 5th of each mo to the 23 rd of each mo because thats when my mo chk arrives and thats would be best for all parties.As i said this has been going on for about a yr. The bank said they could not move the payment but accepted the payment later in the mo without any late fees etc.This was confirmed with the new credit manager that there were notes in the file stating that my payment was to be expected at around the 23rd of each mo
I had called on Aug 22 to say i would be a few days late ,on Aug 23 I recieved a demand letter with all the months late charges and atty fees for a total of $4779.55 to be paid by Friday Sept 2 or they will start immeadiate forclosure action.My intent is to pay but it wont be Friday prob tues or so. My loan is at 6% and would like to renegotiate but due to my limited income status they not offering. If the payment were a few hundred bucks lower payment would be no prob .What do I do and what should I do.I just listed the house for $950,000 The same bank did me wrong on another loan but thats a diff story THANK YOU
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  socrateaser replied 6 years ago.
Hello,

I don't have a solution to the ultimate debt problem. However, there is no such thing as an "immediate" foreclosure in California. The fastest possible foreclosure requires recording a notice of default with the county recorder, followed by waiting 90 days, followed by recording a notice of sale, followed by publication at least once every 7 days for 20 days, followed by the trustee's action.

So, if you need time to pay the bill, then don't worry about it, because you have more than three months.

Hope this helps.

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