Foreclosure Question

Date: Sat, 04/01/2006 - 18:05

Submitted by maryanne
on Sat, 04/01/2006 - 18:05

Posts: 29 Credits: [Donate]

Total Replies: 3

I don't really know if this question will make a lot of sense of if all lenders handle it the same way but thought I would ask. When I worked for a bank, we would not cash checks sent in as payment on an account that we were foreclosing on (a home loan) because it defaulted the foreclosure process. Is this a law that anyone knows of? I have a friend who received a foreclosure notice on their home today but two payments had been sent in and cashed in the meantime, lowering but not fully paying the amount past due. Thank you everyone!

I think it depends on the phase of the process. If they have jus

I think it depends on the phase of the process. If they have just received the notice of default as opposed to haveing been served a notice of trustees sale, it may make difference. has your friend contacted the lender about options?

lrhall41

Submitted by jj on Sun, 04/02/2006 - 09:24

( Posts: 1057 | Credits: )

Hi jj-I think he just received his first notice of default and i

Hi jj-I think he just received his first notice of default and it gives him 30 days to catch up. He freaked (understandably) a little when he received it and called me. I have been out of banking so long that I don't know if anything much is the same as when I was in it but they still call! Of course, I came running to you guys! He has about figured out that his house is worth closing out his 401K (duh!?!) and I think that is the route he may take. He is fortunate to have that choice. He does plan to talk to the lender on Monday as well...my first suggestion. He lost his job late last year and things have gone downhill fast for him....I think if he would talk to them, they probably would work with him. It's a pride thing that he is going to have to get past I am afraid...we all have at one point or another probably. I may be back but right now, I think he is going in the right direction. Also, please let me take this opportunity to say that this site is the best thing that I have ever encountered (I should probably get out more-huh!?!). I would not have made it through the past couple of weeks without you all and pollyandsay is a special, dear lifesaver and friend! I am talking to a local reporter in High Point about getting the site in the paper here-payday loans are big in the news due to the recent law changes in NC...I will keep you posted. You are great and I appreciate all that you do...just wanted to be the person to tell you that today!

lrhall41

Submitted by maryanne on Sun, 04/02/2006 - 10:28

( Posts: 29 | Credits: )

thanks

Marryanne, thank you for the compliment :D , I would suggest that your friend inquire about aforbearance plan so he can avoid hitting his 401K, some lenders will let you repay over a 6 month period the past due amount, they all have different processes but it is worth the asking of the question.

Have a wonderful wonderful day and thanks to you too for all your support to the members of the forum

lrhall41

Submitted by jj on Sun, 04/02/2006 - 11:21

( Posts: 1057 | Credits: )