Posted on: 13th May, 2013 01:53 am
I have received a notice which reads “past due notice†and there is also a “demand for possessionâ€. What does this mean?
Hi Janzii,
In terms of mortgage, you may be in default of your mortgage payments and the lender has sent you a demand for possession. If you don't contact the lender within the stipulated time, he will start off the foreclosure process.
Take care
In terms of mortgage, you may be in default of your mortgage payments and the lender has sent you a demand for possession. If you don't contact the lender within the stipulated time, he will start off the foreclosure process.
Take care
yes, you should immediately contact your lender and if you are unable to make the monthly payments, then ask him for a loan modification help or try to refinance the loan in to a more affordable one.
It sounds to me like you have a rental agreement that you have missed a payment. Its required to start the eviction process for failed payments by issuing a 3 or 5 day notice to pay rent or quit. If you do not cure your account in the time on the notice, then the landlord will take legal action to have you removed from the property.
