Posted on: 31st Mar, 2010 11:34 am
if my uncle willed me property that still has a loan on it of 38000.00 and i have been paying the mortgage every month for a year but i have bad credit, now all of a sudden the bank wants to forclose on me because of my credit. i havent missed any payments. is this a normal process?
Hi darproctor,
If you're paying the mortgage dues on time, then the lender will not be able to foreclose the property. A foreclosure can take place only when you are not paying off the mortgage dues. You can contact your lender and clarify why he's foreclosing the property when you are not in default. You can even take the help of an attorney in this regard and he may help you take legal actions against the lender.
Take care.
If you're paying the mortgage dues on time, then the lender will not be able to foreclose the property. A foreclosure can take place only when you are not paying off the mortgage dues. You can contact your lender and clarify why he's foreclosing the property when you are not in default. You can even take the help of an attorney in this regard and he may help you take legal actions against the lender.
Take care.