Posted on: 21st Jan, 2013 02:02 pm
We have a loan company that is a pain in the butt. We are have had the loan for 3 years. The payment has always been in with in 15 days of the date due. The person in charge of our loan is a jerk. Every time I call in to let them know the date it will be in he tells me he is going to take our house. What is our rights. Is it like a car loan and you have to be 30 days late before they can act on it. We live in Iowa.
It would depend on what type of loan was received. If it was a mortgage, or deed of trust, then the statue would be dependent on your states laws. Contact Iowa dept. of real estate, or who oversees real estate industry in your state. They should be able to tell you what the time lines are for default. For example, if its a deed of trust in California, then the lender has to wait 90 days of missed payments, then they can issue a notice of default. Then they have to wait another 90 days before they can issue a notice of trustee sale. There is a specific timeline, check with your state. If the credior has violated this time period and are making accusations and threats, I would report them to your local officials.
Welcome Hkdrea,
If you pay off the loan within the grace period, then the lender won't be able to report any late payments to your credit bureau. The lender can report the late payments only when you're 30 days or more late on your mortgage.
If you pay off the loan within the grace period, then the lender won't be able to report any late payments to your credit bureau. The lender can report the late payments only when you're 30 days or more late on your mortgage.
