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I have an 80/20 mortg,Florida,what's themin time on Foreclos

Posted on: 29th Jan, 2007 07:12 pm
I have an 80/20 mortgage on a condo In Jacksonville Florida. I became 35 days behind on the larger mortgage of 790 per month and 50 days behind on the smaller mortgage of 297 per month. The Financial inst. the holds the mortgages said they would forclose on both mortgages if they didnt receive $558 on the smaller mortgage in 2 weeks time. Is there a minimum past due timeframe before a company can foreclose on one or both mortgages such as 90 days past due?
Hi Seanlive,

Welcome to the forums.

Usually a borrower is given a period of 90-105 days after the first missed payment. Within this period if he cannot cover the missed payments, then the lender declares a foreclosure.

In your situation, I believe the lender intends to foreclose and sell the property in order to retrieve the total unpaid balance of the two mortgages.

There will not be separate proceedings for each loan. Instead, there will be a single proceeding and the lender would like to get back whatever he has invested through the sale.

Thanks,

Sara
Posted on: 29th Jan, 2007 08:25 pm
Actually it is stated in the mortgage note that if you do not make payments as per the terms of the note, they will have the right to claim full dues also called as acceleration of the note.

Thanks
Posted on: 30th Jan, 2007 09:58 am
by any chance is this mrtg. from Litton Mortgage? If so, you might want to talk with them (or your Mrtg co. if different than Litton) and see if they would give you a loan modification (which they will put the amount that you are delinquent at the end of the mortge life 915-30)?) which will bring you current. This loan modification will require for you to pay an upfront amount and then they will give you like 15-20 days before your first payment is due under the loan modification.
Posted on: 30th Jan, 2007 05:02 pm
But normally lenders do not threaten to foreclose when the borrower is just 35 days behind, 90 days is what I have also heard.
Posted on: 30th Jan, 2007 05:11 pm
But Malena, as far as I remember in your earlier post, you said that you had faced quite a lot of problems with Litton. You had to go through a fresh start program and then a forbearance that only increased your payments instead of lowering them.

Next the company offered you a loan modification and your fico score even went down to 514. So, do you think it will better for Seanlive to ask for loan modification from Litton, if at all he has signed a deal with them?
Posted on: 30th Jan, 2007 09:01 pm
All I wanted to tell him to work with the loan company about a loan modification which beats a foreclosure also yes we had gone thru a "fresh start" program that we were offered thru the mail and they got us a forbearance but then we tried with Litton direct and they decided to go ahead and grant us thr loan modifiction that we have now that does not mean that we are in love with Litton we are looking into refinanceing but we have to straintened out few things including the fico score (524 middle) we are doing everything in order to save our home. (We were 90 days delinquent.)
Posted on: 31st Jan, 2007 12:46 pm
Malena did you file complaint about the bad loan servicing you had suffered as you had said some days back and any response you received?

I am asking this to know if any action was taken against that company or not by the federal agencies as many people have suffered because of them and your initiative will be an example for them to follow.

Colin
Posted on: 31st Jan, 2007 01:16 pm
Colin, I have not file the complain with the FTC yet as I am also dealing with IPDL is there any other agency I also need to file with besides FTC? Thanks,
Posted on: 31st Jan, 2007 01:29 pm
Hi Malena,

You may file a complaint with the State Attorney General's office or the Better Business Bureau (http://www.bbbonline.org/consumer/complaint.asp). By the way, can you provide me with the full form of IDPL, I could not get it actually.

Thanks.
Posted on: 31st Jan, 2007 10:05 pm
to helping_userwhat form of IDPL you are asking for? What state are you in?
Posted on: 01st Feb, 2007 08:52 pm
Oops! it will be IPDL and not IDPL. Just wanted to know the full form. :)
Posted on: 01st Feb, 2007 09:05 pm
helping_user, IPDL means Internet Payday Loan, most such companies do not have license to lend and do not work as per the pdl laws.
Posted on: 02nd Feb, 2007 11:39 am
Thanks Wilson.

Yeah, payday loan companies are not all licensed and they have been quite popular in harassing debtors by charging excessively high rates and extra fees.
Posted on: 02nd Feb, 2007 11:06 pm
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