It has gotten really ugly out there in the last 12 months. What happened to common sense? What happened to if someone got behind on their mortgage payments, but later on they brought me half the money? I am sure if you had owed $10,000 to a bookie that they would call you constantly and threaten you per se. But if you said I can give you $5,000 now and $1,000 a week for the next 5 weeks, that they might be okay with that.
Overall, I know banks aren't in it to keep tabs on who owes them what. But isn't something better than nothing? When does bad get really bad? This did happen in the past, if you were 3 months behind, that the lender wanted it all at once. But in today's economy and such, again, where is the common sense.
Please read below an e-mail from someone that came across my blogs.
Dear Jeff,
My credit is ruined, with plenty of fault my own. Reality of my situation though is Homeq servicing has rejected payments, pushed accepting them to the point of foreclosure. And processed foreclosure the first day after two thirty day past due periods. Thats on the 61 to 63 day late. (Evan when I have managed to send the past due and current month payments in full within the 3rd month). They evan stamped my payments RECEIVED Dated the last day of the 3rd month. Never attempted to process, and returned them well into what would then be my fourth month in default. Obviously refusing any further payments, requiring me to pay legal fees of around $2,100. keeping my mortgage in default just that much longer. Making my $1,200 mo. into a $1,990. for the next three months. (I think that HomEq is not set up to receive bimonthly mortgage payments.) Something i specifically requested when I originally refinanced, and was granted in my original agreement. So what I am asking is what they have done legal ? And what can I do ? And under the current situation is my request to pay bimonthly to escape homeq sound plausible? With them as my servicing company i will surely never get 12 months reported of mortgage payments on time. Im too often looped into legal fees and struggling to just catch up. Thank You for any time and help you may lend to my situation. SINCERELY
Now, some of what you read above doesn't seem possible. Can a bank foreclose upon you if you hadn't missed 4 consecutive payments. Yes, that is true. But are banks and investors pushing the envelope, pushing the borrower into a frenzy, especially if they don't know their rights? Are banks and investors getting away with this? Sure, we don't know if this borrower has their story straight either. But this isn't the first time that I have heard this.
Then we have another issue on hand. Legal Fees !!! I am no lawyer, but many of the legal fees passed on from the banks seem awfully high. You wonder whose hands are in whose pockets. It would be like a realtor trying to get me referrals, but would want an extra $1,000 per client. Gee, I would have to pass that fee onto the borrower then. Can there be any restriction imposed to limit these such legal fees? What se thee?
Overall, if any of this happens to you, seek a lawyer. And don't wait until you are served with letters or a foreclosure notice. The longer you wait, the harder it will be. Isn't that what we are told anyhow?
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