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

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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

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 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.


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