Can my mortgage company foreclose if I’m 22 days late on my first payment?

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Can my mortgage company foreclose if I’m 22 days late on my first payment?

There was misunderstanding about the due date for payment. It was is to be drafted out of checking on the 3rd. Now late lender threatening to foreclose. What do I do?

Asked on August 25, 2010 under Real Estate Law, Louisiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Whether it was due to a misunderstanding or not, the lender can foreclose if you miss your payments. However, lenders do not want your property, as a general rule--they want their payment. Generally speaking, if you can pay them what they're owed, they will not foreclose, even if there had been some lateness involved. If you are late, pay the lender. If they try to foreclose when you are offering to make payment, you might have a good defense in court to the foreclosure action. If you haven't paid the lender yet, what are you waiting for? The longer you wait, the worse your situation. If you can't make full payment owing to timing of cash in (e.g. paycheck vs. out), speak with them, explain the situation, pay what you can, and try to work out a new schedule that will work for you going forward.


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