Payoff mortgage arrears

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Payoff mortgage arrears

My bankruptcy case was dismissed after 2 years, I received a letter from my mortgage company within 1 month of the dismissal stating that I am over $6000 in arrears. They require that I pay the full amount within 33 days of the date of the letter 12/22. I have paid $2700 thus far, however I am concerned that I might not be able to payoff the full amount by the due date. What are my options?

Asked on January 4, 2018 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You are legally responsible to pay off the arrears. That means you legally have to pay them off *now*: the lender or mortgage company can choose to give you more time to pay but is not required to--it is voluntary on their party whether to give you time to pay. If they choose to not give you additional time and you don't pay by when the want the money, they could sue you for the remaining balance.


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