Posted on: 10th Oct, 2008 10:48 am
why the bank sent me a threatening letter when the mortgage payment is just 2 weeks past due...I have received a letter from the Mortgage Bank threatening me of acceleration of loan. There is not reason for it for the past month payment was made and this month payment is due for only 10 days. The next payment is not due until november 4, 2008. Why theysent me this type of when tis letter was dated just two days after the last payment was made, which it means in this case the bank will be wrong to charge me again for the payment that was done already. The letter also mentioned with the acceleration of the Loan, Forclosure cann be initiated. Even the payment is done a bit late there is not reason to pull this kind of threat
lugel...the definition of late is "after the due date." in other words, if your payment is due on the first day of the month, you are late on the second day of the month.
lenders offer us (yes, i am a borrower, too) "grace periods." what that means is that despite our being late on our payment, the lender will not charge us any additional money until a certain time has elapsed - usually 15 days.
sometimes, during the process of our using our grace periods, the lender sends a reminder notice. we ought not to take umbrage at the receipt of this notice, but many of us do, as you apparently did.
what they need to put in that notice is the appropriate language that spells out what could happen if you neglected to pay. this is not really a threat, but simply a reminder of the terms of the loan that we agreed to when we signed the promissory note at our closings.
i hope that's been edifying to you - don't take it the wrong way, please. i've been on that end of reminder notices and phone calls, too; so i have an understanding of that "leave me alone" feeling.
lenders offer us (yes, i am a borrower, too) "grace periods." what that means is that despite our being late on our payment, the lender will not charge us any additional money until a certain time has elapsed - usually 15 days.
sometimes, during the process of our using our grace periods, the lender sends a reminder notice. we ought not to take umbrage at the receipt of this notice, but many of us do, as you apparently did.
what they need to put in that notice is the appropriate language that spells out what could happen if you neglected to pay. this is not really a threat, but simply a reminder of the terms of the loan that we agreed to when we signed the promissory note at our closings.
i hope that's been edifying to you - don't take it the wrong way, please. i've been on that end of reminder notices and phone calls, too; so i have an understanding of that "leave me alone" feeling.
Hi lugel!
Welcome to forums!
I do not think that the letter sent by the mortgage company is a "threat letter". It is just a reminder for you. It is a way of telling you that if you are too late in paying the dues you will face certain consequences.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I do not think that the letter sent by the mortgage company is a "threat letter". It is just a reminder for you. It is a way of telling you that if you are too late in paying the dues you will face certain consequences.
Feel free to ask if you have further queries.
Sussane
Yes I agree with George here. It's just a reminder from the lender. Please don't worry Lugel. I think if you keep paying within the right time, things will just be fine.
May god bless you.
Samantha
May god bless you.
Samantha
i sold my home on owner finance note people are always late and do not pay property taxes on time. can i sent them a 15 notice/reminder to pay or give to my attorney for foreclosure or i need to follow Texas
credit law and give them 30 days notice? thanks
credit law and give them 30 days notice? thanks
Hi gulam,
I think you will have to follow the Texas laws in this regard. You will have to send them a notice giving them 30 days time to pay off the property taxes.
Thanks
I think you will have to follow the Texas laws in this regard. You will have to send them a notice giving them 30 days time to pay off the property taxes.
Thanks