own a home in which the previous owner is the note holder. They are very terse and mean. If I am even one day late on a payment, I get a default notice stating that they are going to start forcloser proc. But I have a ten day grace period before a late fee. Is what they are doing illegal. I thought you were delinquint first, then in default
1 Answer from Attorneys
"Illegal" is a term usually reserved for actions (or inaction) that can be criminally charged, and not civil matters. While the quickie default notices may be technically incorrect under the terms of your loan agreement, it's going too far to term them "illegal." I personally would ignore them so long as I was actually within the terms of the agreement, but alternatively, you could (a) refinance, or (b) have a peace-making meeting with the note holder. It's possible he is living from check to check and very fearful of late or non-payment.