my current mortgage is 3 months late. I have tried on several occasions to make arrangements with the mortgage lender. They will not let me make a mortgage payment plus $200. they tell me I have to come up with the entire past due amount because they do not take partial payments. Why would they do this? I'm trying very hard to get caught up and it seems to me they just don't want to help me.
2 Answers from Attorneys
I cannot tell you exactly why your lender will not allow you to make partial payments against a past due debt. But, some take the position that allowing partial payments would prevent them from foreclosing if you don't get caught up soon. But, if you send your current payments, and a separate check designated as partial Payment of the past due amount, they may accept it anyway, v or put you at the back of the list of loans to be foreclosed. If they don't accept it. Keep paying the Current payments and save the Extra until you have enough to pay the past due payments.
This is a general response to your general question. You should consult directly with a civil practice attorney, in your area, before deciding what to do. Many offer a free or low cost initial consultation. Take your loan documents and letters, want get advice specific to your particular loan.
Your situation is an unfortunately common one. When it comes to past due mortgage payments, banks will frequently refuse to accept payment unless the arrearage is paid in full. This is particularly frustrating because it can make you feel like you are on a financial treadmill, almost to the end of the track but the finish line is always out of reach.
In any case, the important thing to understand is that you almost certainly still have some options to get back on track, whether this is working out a non-modification agreement with the bank, loan modification, Chapter 13 bankruptcy, or some other option. However, generally speaking, the longer this problem goes on, the less options you will have. So you need to seek help immediately.
All of these suggestions are general solutions to a common problem and not specific to the specific facts of your case. The most important thing you can do is to seek legal guidance from an attorney who can thoroughly evaluate your specific situation. Our office offers a free consultation. If you are interested in having us review your options, please contact our Topeka office at (785) 274-9040.
Best of luck.
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