Possible Foreclosure?

Question:

We have a mobile home. I was late making last months payment and this months payment. Question is this. When the mortgage company talked to me Tuesday they demanded payment in 24 hours or we had to move out. I tried to tell them I could not make payment until Saturday (today). I did manage to money gram them the back payment on Thursday afternoon and then money gram the remainder last night. So, as of right now I am caught up. Can they still forclose on us? What rights do I have? I have read on the internet on different sites that this mortgage company is awful and heartless and one of the worst companies to have a mortgage with. This was not our original mortgager, it was sold to them or whatever it is called when they change mortgages. If I am paid up to date as of last night, can they still forclose on us? Any help will be greatly appreciated.

Answer:
It takes a good amount of time before they can foreclose.

I would write a letter to the state commerce department about this loan company and I would name the person to who you spoke about this Tuesday, detailing what they threatened you with. This is illegal to harass or threaten you over two missed payments.

Loan companies are being scrutinized very carefully right now due to all the foreclosures. In some instances they are at fault because they produced these faulty loans to people who shouldn't have been approved in the first place. The loan officers should be put on the block for this type of activity, and the company should suffer the consequences their employees behavior as well. To many people have been hurt financially due to their greediness.

They probably could still forclose on your home, but if you are paid up, it (most likely) wouldn't be worth their time and effort.

Sounds to me like your being strong armed and you need to find out what they can and can not do.
Versus me opinionating on the issue I'll give you the site from our research department so you can see what the right answer to your queries is.
HUD Borrower rights and responsibilities of Mortgage Servicer: http://www.hud.gov/offices/hsg/sfh/res/r...

Also it is interesting to note that even if they were to take you to court in an attempt to foreclose you, your attorney can always file a motion to reinstate your mortgage based on the fact that the account is up to date. This would eliminate having to bring up the issue of shocking the conscience of the court.
Best of luck on your research

You probably are okay as of today. The last thing the mortgage company wants to do is repossess the mobile home. Then they are stuck trying to resell it to another family. What you need to do is go get a second job today. Save some money and get one payment ahead. Then this will never happen to you again. It sounds like you are living paycheck to paycheck. If you get sick then what happens? If you get laid off? It's no way to live. Get that second job and save some money. You will sleep better at night and enjoy your life more that way. The mortgage company is not heartless. It is business and if they let you slide and not pay, you would do this every month to them. Fix your problem.

It is really up to them. It is uncommon for them (any of them) to accept partial payment, the way you did it. Usually they require payment in full.

Possible Foreclosure?

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