Refusal of full payment

[mgaudet]

What is the name of your state (only U.S. law)? North Carolina

Can a lender refuse full payment of mortgage if it is 7 days late?

 

[Zigner]

What is the name of your state (only U.S. law)? North Carolina

Can a lender refuse full payment of mortgage if it is 7 days late?

Have they?

 

[mgaudet]

We did an owner finance. Purchase and sales agreement states that if payment is no received, after written notice, the grantor (me) has 15 days to cure debt. He sent us an email on Saturday (1 day late) that he was starting foreclosure proceedings. He hasn't refused, but I want to be armed with information

 

[HomeGuru]

What is the name of your state (only U.S. law)? North Carolina

Can a lender refuse full payment of mortgage if it is 7 days late?

**A: generally a lender can refuse if it is one day late. There is a lot more to this story that you are not telling. Such as full payment meaning all payments that were in arrears to get the loan current or full payment to pay the mortgage off. What is the status of the payment and mortgage ie. how long has the loan been in arrears and did the lender serve a foreclosure notice or taken legal action. Is there an attorney involved? Was there a settlement agreement from the lender as to the late payment. Was the mortgage sold on the secondary market to a private investor or was this a Fannie/Freddie type loan? Is the lender a bank or financial institution or a private homeowner?

 

[HomeGuru]

We did an owner finance. Purchase and sales agreement states that if payment is no received, after written notice, the grantor (me) has 15 days to cure debt. He sent us an email on Saturday (1 day late) that he was starting foreclosure proceedings. He hasn't refused, but I want to be armed with information

**A: read your contract again. You can't be listed as the grantor and neither can the seller.

 

[mgaudet]

All payments prior to February 2012 are paid and in full.
On the deed of trust my husband and I are under the box "grantor", the seller is under "beneficiary".

 

[mgaudet]

Payment for February 2012 was due by 2/10/12. His email, dated yesterday, stated he was starting foreclosure proceedings. We are currently behind this payment (now 2 days late).

 

[HomeGuru]

All payments prior to February 2012 are paid and in full.
On the deed of trust my husband and I are under the box "grantor", the seller is under "beneficiary".

**A: sound like an unusal document. Generally, the Buyer is called Trustor and there is no Grantor? Is there a Trustee?

 

[mgaudet]

yes, the trustee listed is my attorney who drew up the document.

I have a call into our attorney, but is what he is doind even legal? He refers to the house as his and his email told us to "get some boxes and pack"

 

[HomeGuru]

yes, the trustee listed is my attorney who drew up the document.

I have a call into our attorney, but is what he is doind even legal? He refers to the house as his and his email told us to "get some boxes and pack"

**A: have along talk with your attorney. The property is indeed his until such time as you pay him off and get title to the property by way of the deed.

 

[nextwife]

Do you have a history of being late? Or is this the first time?

Is there a different default, such as failure to maintain insurance or property tax payments in accordance with your contract?

 

[mgaudet]

We were late 12/2010 (pif 12/20), 6/2011 (pif 6/18). There is a homeowner's insurance clause (which is current, as well as wind & hail which is not required per our contract). In fact, for some reason, the state pool mailed my statement for wind & hail to him instead of my house back in June. He opened it and never told us it arrived there. We were cancelled and then he notified us that we needed it (meanwhile Irene was due to make landfall and state of emergency had been issued). I called our home insurance agent that next am and they were able to get the state to reinstate our insurance with NO lapse in coverage since they changed the address without authorization and never sent the statements to the insured but to the leinholder.