| Author |
Message |
|
|
 mx2351
Joined: 05 Feb 2009
Posts: 2
1.86 Dollars($)
|
 Posted: Thu Feb 05, 2009 5:15 pm Post subject: bank foreclosure |
|
|
| when and if can a bank forclose, the problem arises from a mortgage that I have. when I took out the mortgage, I was waiting for a check that never came. so I close on the mortgage, in the contract the bank stated that if and when I did receive the money I could make a larger payment and they would recast the loan. (still waiting for the check). now the banker keeps calling asking me when the money is coming in. They came me a 1 million loan on 100,000 a yr, I have never missed a payment and the the taxes are paid, I need help with this banker |
|
|
mx2351
Joined: 05 Feb 2009
Posts: 2
1.86 Dollars($)
|
| Posted: Thu Feb 05, 2009 5:44 pm Post subject: bank forclosurer |
|
|
| at any time |
|
|
Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
|
| Posted: Fri Feb 06, 2009 3:44 am Post subject: |
|
|
Hi mx,
I'm not aware as to what type of check you're talking about. But what I feel is, no lender should offer a loan on the basis that some day a borrower would get the loan recast when he receives a check.
Well, frankly speaking you don't have anything to do except wait for the check or request the banker to hold on till you get the check. the banker probably wants a larger payemnt from you and that's the reason he's calling you frequently. This is really odd because you're neither late on payments nor have you violated the terms f the contract. Just make an enquiry on why the check is getting delayed.
Good luck
_________________
Mortgage Shopping made easy with booklet |
|
|
michelle
Community Experts
Joined: 08 Oct 2007
Posts: 152
40.19 Dollars($)
|
| Posted: Mon Feb 09, 2009 11:38 am Post subject: |
|
|
Hi mx,
I apologize for taking so long to respond as you requested. I am a bit confused as to why the banker is calling you.
In the note that you signed, was there any type of demand feature, meaning a large, lump sum payment that was also due in addition to your monthly payments? When you signed for the loan, did the bank by any chance make a second loan for the amount of the check that you were supposed to receive and use those funds as a down payment for the original mortgage?
Basically, you would need to be in some type of default for a bank or lender to pursue forecloser so unless that has happened, you should be OK.
Please let me know if I can be of further assistance.
_________________
Michelle Keck
Mortgage Network Solutions
302-252-0100
www.michellekeck.com |
|
|
