Re: Foreclosure
Posted by Julio Martinez-Clark on December 30, 2007 at 09:19:05:
In Reply to: Re: Foreclosure
Posted by Talette on December 30, 2007 at 08:27:21:
Hi Talette,
I am not knowledgeable in Kansas law, however, based in my real estate
foreclosure experience, I've never heard about any law (at the state or
federal level) that regulates on how many days notice your mortgage
lender have to give you and let you catch up the payments. The only thing
I can think of is the Fair Debt Collections Practices Act (federal level) and
similar laws passed by many states that regulate debt collection and which
generally follow the federal Fair Debt Collections Practices Act. I'm not an
attorney, however, it's my view that the Fair Debt Collections Practices Act
doesn't apply in your case.
Another avenue to find your answer would be the mortgage contract and
the promissory note that you executed with your lender. In those
documents it's very likely specified what constitute default, etc.
From my experience, mortgage lenders are autonomous on the number of
payments behind before they decide to foreclose on you. It's up to their
discretion to let you catch up on payments and/or negotiate a payment
plan with you. If the lender decides to foreclose on your home, you will
have the opportunity to cure the default before the home is sold at the
mortgage foreclosure auction. All it takes is for you to request a
"mortgage reinstatement" letter from your lender or their representing
debt collection attorney.
You can read more about debt collection law and the foreclosure process
at the link below.
I hope this helps,
Julio Martinez-Clark
Follow Ups:
