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When a bank offers you a forebearance plan when in

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foreclosure. If three payments were...
When a bank offers you a forebearance plan when in foreclosure. If three payments were made and then it was cancelled because the last payment was late are they obligated to give the other two payments back in order to proceed with their foreclosure?
Submitted: 8 months ago.Category: Real Estate Law
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10/6/2017
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 8 months ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 31,954
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 8 months ago

Good morning. No, they likely would not be obligated to do so. This is a result of the money being due and owed on the loan and for the forbearance, so they can apply that to the agreement, which the homeowner made. It was not the lender who breached the agreement, it was the homeowner and when they did, they forfeited the payments which they made, as applied to the agreement. The terms and conditions were agreed to by the parties and if one fails to comply, they would be in breach.

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Customer reply replied 8 months ago
Okay, in that case would the acceleration restart because of those payments or would it still remain the original acceleration date?
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 8 months ago

You need to read the original note and the plan and see what was agreed to.Often times, the failure to comply with the plan allows the lender to pick up where they left off, since starting off would take additional time, effort and money. They will place a stay on the proceedings and then modify the loan and if everything is complied with, dismiss the foreclosure. Now, even if this was look at most favorable to you, it would only delay the foreclosure and result in them having to start over, since a payment is due every month. If it is not made and payments are not brought current, they can accelerate the loan.

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Customer reply replied 8 months ago
in the forebearance plan it states that they can pick up where they left off. So would that payments if truly applied restart the accelaration date?
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 8 months ago

I do not believe they would. If you agreed in the plan to allow them to pick up where they left off and they applied the payments to the loan, it would still be in default. Had they dismissed this and the loan was modified, they would have to start over but based upon what you shared above, they agreed to modify the loan if certain terms and conditions were met, they were not and you agreed to allow them to resume proceedings.

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Customer reply replied 8 months ago
then the acceleration date would not restart? So then it seems they are not timely since the new foreclousre started after the 6 years statue regardless if they sent the payments back or not. Is this correct>
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 8 months ago

It is important to remember that every month, a payment is due, under the terms and condition of the loan. The statute of limitations is a defense to raise, regarding the timely filing of a cause of action. However, every month there would be a default if payment was not due and owed, so while this may be dismissed, the bank could provide a notice of default and accelerate the loan again and this would only be delayed.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 8 months ago

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 8 months ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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