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Posted by njdave on June 24, 2002 at 07:43:21:
In Reply to: When can bank start forclosure posted by Concerned on June 24, 2002 at 02:02:43:
Depends upon your mortgage note... generally a lender will call if your payment is 15 days late; send a collection letter after 30 days past due;
a certified letter advising their intent to foreclose after 45 or 60 days.... then initiate foreclosure after 60 days.
But, it depends upon your Lender.
My own second mortgage (in year 12 of a 15 year loan) was sold to Fairbanks. I received a certified letter advising a missed payment and their intent to foreclose...even though they had the loan for less than 60 days....
It was current, incidently. The 'missed' payment in question (sent via cerified mail) had been sent to the previous mortgagee and had not yet been forwarded.
Knowing Fairbank's reputation... (I've heard them called a scumbag outfit) we decided to avoid months of unnecessary stress and pay off the loan. I called for a payoff. They charged me $50 for the payoff quote, and an extra $10 to fax me the quote. The charged me $.32 for the 'late notice' that was sent, and $7.90 for a certified letter. Then $150 for the drive-by inspection....
Instead of disputing the charges.... I sent them a cashiers' check for the entire balance.
So, a lot depends on the Lender and how they choose to "service" your loan account.
