Does my lender have the right to refuse one month's payment

clintonburton01 · Joined: 11 Sep 2007 Posts: 1 1.32 Dollars($)

I recently sent my mortage company a payment for my June mortage bill, but they refused the check because July and August are now due. Can they do this? If they can, shouldn't I have been informed beforehand?

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Clinton, they can do that. Loan is already in default. They can foreclose after the loan is in default but normally do so when the payments are behind by 90 days.

You should check the mortgage documents that you were provided after the closing. It must have been stated there.

Miller

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Clinton,

When you are already behind on payments for two months, the lender has every right to refuse your payments. Now you need to bring the loan current and continue with the regular payments.

livinginnky · Posted: Sat Sep 15, 2007 9:17 pm Post subject:

This is common. The lender wants you to pay the June payment as well as the July and August payments all at once. They don't have to take any lower payment at all other than bringing the debt current. They can even be as picky as this: say you owe $3008.85 and you send them $3008. I have heard of lenders turning this away as being short $.85

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