Notice Of Default And A Partial Payment
I have a house that I took Subject 2. Prices have declined and payment as adjusted way up. I did not make the September and October payment. Have a contract to sell with a closing date of Nov 29. I am losing a bit of money on this house and do not want to spend any more money than necessary, yet I do not want the extra foreclosure charges either. If the Nov 29 closing does not take place, I will let the house go into foreclosure.
Got a "Notice of Intent to Foreclose" from Fremont. It states the the delinquency is $3015.26 and "If we do not receive full reinstatement within 30 days from the date of this letter, we will proceed with foreclosure." I call the 800 number and get the collections department. They tell me that these letter go out after 45 days late and that I can make a single month payment and it will start the 45 late cycle again. I do not want to make a single payment only to see the foreclosure started
So .... what collections tells me is in conflict with the "Notice of Intent to foreclosure. Do you think that by giving collections a single payment that it will buy me 30 more days before it is turned over to the foreclosure department?
I would call loss mit and work out a repayment plan. I could see that buying you a little more than 30 days. I would work out a repayment plan instead, that way at least you have something in writing stating that the default has been "postponed" until you fail to make the first payment of the plan.
Does the original homeowner know the situation? I would do whatever it took to avoid a potential problem with them, too.[ Edited by Ruman on Date 10/26/2007 ]
See if you can get ahold of the mortgage note and look at the details.
Some places you have to be at least 3 full months in default before they start to foreclose. Some are 6 months and I ran across one that was 30 days.
My general advice is to be no more than 60 days behind and that seems to work.
Working out repayment plans can be tricky. I say if possible make the payment so the sale in Nov can take place and then if that falls through you call loss mitigation.
Also, if you stand to lose money and the sale does nt happen, get a partner and try for a shortsale instead
Kind of interesting ... The collections department called today and as usual they said "our conversation is being recorded". I then told her that I was also recording the conversation. She replied that she was not giving me permissionto to record the conversation. I asked why they could record the conversation and I could not. She stated that it was policy. I told her that I record all my phone conversations and that this conversation was being recorded. She hung up and has not called back.
For a recorded phone conversation to be admissable evidence, the other party has to be informed that it is being recorded. It is not necessary that they give their permission, merely that they be informed of the fact. Someone hanging up on you when you inform them that the call is being recorded is a strong indication that they feel that what they are saying/trying to accomplish will look bad to a judge. What other reason could they have to do this?
Chris