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How does it work and what can they do??

Manufactured Home on land in Texas financed together. 11% interest. I am 44 days behind and trying to get caught up and can catch up payments in next few weeks. They are demanding payment now or they will start process??




Hi Ntexas,

As far as my knowledge in the field of mortgage goes, the lender won't start the foreclosure process so soon. Normally, the foreclosure process starts after you're more than 3 months late on your mortgage payments. You should contact your lender and inform him about your financial hardship. You should negotiate with your lender for a loan modification which will help you in getting better terms and conditions to pay off the loan and save the property.

Take care.

Sub: #1 posted on Sun, 08/14/2011 - 19:36

savion.parker savion.parker

(Posts: 117 | Credits: )

I agree with Savion!! The lender won't foreclose the property within such a short span of time. If you want to keep the property, then as Savion says, you can go for the option of loan modification. If you don't want to keep the property, then better apply for a deed in lieu of foreclosure.

Sub: #2 posted on Tue, 08/23/2011 - 22:42

prompet prompet

(Posts: 21 | Credits: )

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