Canmy lenderforecloseif I’m only 1month behind on my mortgage?

UPDATED: Jun 20, 2011

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Canmy lenderforecloseif I’m only 1month behind on my mortgage?

We received a certified letter from our lender today. It contained the usual threats since we have been 1 month behind for the last year (they stole a payment; long story). They are probably mad since they cannot find our phone number anymore. On top of this, we paid 232K but still owe 190K. There is no equity because prices here are beyond down; the same house down the block just sold for 108k. People are running out of the neighborhood.

Asked on June 20, 2011 under Real Estate Law, Florida


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Your lender can theoretically begin foreclosure proceedings and deny any payments (partial or otherwise) once you have breached your mortgage agreement. What you can do is consider a HAMP modification and if you made a payment but the lender cannot trace it, file a complaint with your state's department of financial institutions or if it is a N.A. bank, file a complaint with the Office of the Comptroller of the Currency. This might lead to a trial modification plan for you to help you get back on track; you can also consider short sales and deeds in lieu. But before you leap, talk to your lender about modification and stay on top of it with them. Keep a log of every conversation to and from and every mail in and out. If the lender drags its feet, contact the department of financial institutions.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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