Re: Anxiety is killing us. We defaulted on MI

Posted by Steele over in Minnesota on April 30, 2005 at 11:16:28:

In Reply to: Anxiety is killing us. We defaulted on MI posted by Tom on April 27, 2005 at 20:15:20:

: We live in Michigan and what to know what next. We bought a new home and the old didn't sell as soon as we hoped so we have made two mortgage payments for several months. We're current on the new mortgage. We missed 3 payments on the old home mortgage and The lender sent our loan to an attorney to proceed with forclosure. The lender won't work w/ us at all and referred all questions to the lawyers. The Lawyers said we could pay past due installments, late charges, insurance premiums, costs and fees incurred plus the lawyers fees and the loan would revert back to the mortgage co at the regular payment. We're still waiting for the written amount to repay. Can the Mortgage Co tack on a lot of extra fees and costs above what we owed on our last bill? If so, how much are we talking? Our most recent bill was about $6,500 due including the late fees, etc. Thanks for any replies.

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My understanding is that they have to show you where the costs are coming from but usually they can add the various costs that are mentioned above. Particularily legal costs. Afterall, the bank had to pay their lawyers. If you want out, you do too.

Some areas will have fee caps and allowable charges. You should get all of this from the attorneys.

Follow Ups:

• Re: Anxiety is killing us. We defaulted on MI (url) - Ken DeLashmutt 08:48:07 05/07/05 (1)
  • Re: Anxiety is killing us. We defaulted on MI - Steele in Minnesota 11:42:08 05/07/05 (0)

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: : We live in Michigan and what to know what next. We bought a new home and the old didn't sell as soon as we hoped so we have made two mortgage payments for several months.  We're current on the new mortgage.  We missed 3 payments on the old home mortgage and The lender sent our loan to an attorney to proceed with forclosure.  The lender won't work w/ us at all and referred all questions to the lawyers.  The Lawyers said we could pay past due installments, late charges, insurance premiums, costs and fees incurred plus the lawyers fees and the loan would revert back to the mortgage co at the regular payment.  We're still waiting for the written amount to repay.  Can the Mortgage Co tack on a lot of extra fees and costs above what we owed on our last bill?  If so, how much are we talking?  Our most recent bill was about $6,500 due including the late fees, etc.  Thanks for any replies.  

: ---------------------

: My understanding is that they have to show you where the costs are coming from but usually they can add the various costs that are mentioned above.  Particularily legal costs.  Afterall, the bank had to pay their lawyers.  If you want out, you do too.  

: Some areas will have fee caps and allowable charges.  You should get all of this from the attorneys.


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