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mortgage foreclosure

Posted on: 25th Oct, 2006 07:21 am
I have been out of the country and although we paid every month, and had insurance, the bank forced insurance on the property and began charging the loan as delinquent with late fees and such because the mortgage payment being made did not cover the insurance escrow. Now they have served papers on the tenants of our house, NOT US. We have 30 day to answer what should we do?
do you owe 65% or less of the home's value? if so, you can contact me, and i'll put you in touch with a lender who can immediately resolve your problem -- later, you can refinance back into a mortgage reflecting your actual needs. btw, why did they serve the 'tenants'? do you have a written arrangement with them, such as a lease/purchase?
Posted on: 25th Oct, 2006 11:45 am

I suggest that you should contact the bank's workout department and ask about paying the total of the default back payments, as only the insurance escrow is not being paid.
Posted on: 25th Oct, 2006 11:52 am
As you are not in the country, the bank had sent the papers in your house address and received by your tenant. It is important to see whom it was addressed to.

Posted on: 25th Oct, 2006 01:04 pm
Hi Guest,

If your mortgage payment does not cover the payout for escrow account, then do you pay for the taxes and insurances separately? I mean does your loan agreement state that your lender will deposit the taxes and insurance payments monthly in the escrow account or you can pay them separately? In any case, if you have not paid the dues, then the bank can charge you on account of non-payment. But how can they send the papers to the tenants? It seems strange.

However, you need to ask them as to why they have sent the papers to the tenants and you should also talk to the tenants over this issue. You need to know if there has been a discussion on this issue in between the bank and the tenant.

Let us know what they have to say about all these, so that we can advice you further.


Posted on: 25th Oct, 2006 10:48 pm
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