Bottom line: No. As soon as the bank begins to advertise, you can no longer simply send in a missed payment or two to “catch up.” The bank is likely to refuse the payment. Why? Because if the bank were to accept the payment from you at this point, that acceptance could create the impression that your payment has cured the default, and the bank could be forced to start the process all over again if you stopped making payments again. Not surprisingly, the bank doesn’t want to have to start all over again. You may have other options for delaying or stopping the foreclosure after the bank begins to advertise, but simply sending in the missed payments is usually not a good idea. Contact your lender to learn more, or consult with an attorney to learn about your legal options.
Selasa, 11 November 2008
Can’t I just send the missed payments now?
Bottom line: No. As soon as the bank begins to advertise, you can no longer simply send in a missed payment or two to “catch up.” The bank is likely to refuse the payment. Why? Because if the bank were to accept the payment from you at this point, that acceptance could create the impression that your payment has cured the default, and the bank could be forced to start the process all over again if you stopped making payments again. Not surprisingly, the bank doesn’t want to have to start all over again. You may have other options for delaying or stopping the foreclosure after the bank begins to advertise, but simply sending in the missed payments is usually not a good idea. Contact your lender to learn more, or consult with an attorney to learn about your legal options.
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