Posted on: 05th Feb, 2009 04:15 pm
when and if can a bank forclose, the problem arises from a mortgage that I have. when I took out the mortgage, I was waiting for a check that never came. so I close on the mortgage, in the contract the bank stated that if and when I did receive the money I could make a larger payment and they would recast the loan. (still waiting for the check). now the banker keeps calling asking me when the money is coming in. They came me a 1 million loan on 100,000 a yr, I have never missed a payment and the the taxes are paid, I need help with this banker
at any time
Hi mx,
I'm not aware as to what type of check you're talking about. But what I feel is, no lender should offer a loan on the basis that some day a borrower would get the loan recast when he receives a check.
Well, frankly speaking you don't have anything to do except wait for the check or request the banker to hold on till you get the check. the banker probably wants a larger payemnt from you and that's the reason he's calling you frequently. This is really odd because you're neither late on payments nor have you violated the terms f the contract. Just make an enquiry on why the check is getting delayed.
Good luck
I'm not aware as to what type of check you're talking about. But what I feel is, no lender should offer a loan on the basis that some day a borrower would get the loan recast when he receives a check.
Well, frankly speaking you don't have anything to do except wait for the check or request the banker to hold on till you get the check. the banker probably wants a larger payemnt from you and that's the reason he's calling you frequently. This is really odd because you're neither late on payments nor have you violated the terms f the contract. Just make an enquiry on why the check is getting delayed.
Good luck
Hi mx,
I apologize for taking so long to respond as you requested. I am a bit confused as to why the banker is calling you.
In the note that you signed, was there any type of demand feature, meaning a large, lump sum payment that was also due in addition to your monthly payments? When you signed for the loan, did the bank by any chance make a second loan for the amount of the check that you were supposed to receive and use those funds as a down payment for the original mortgage?
Basically, you would need to be in some type of default for a bank or lender to pursue forecloser so unless that has happened, you should be OK.
Please let me know if I can be of further assistance.
I apologize for taking so long to respond as you requested. I am a bit confused as to why the banker is calling you.
In the note that you signed, was there any type of demand feature, meaning a large, lump sum payment that was also due in addition to your monthly payments? When you signed for the loan, did the bank by any chance make a second loan for the amount of the check that you were supposed to receive and use those funds as a down payment for the original mortgage?
Basically, you would need to be in some type of default for a bank or lender to pursue forecloser so unless that has happened, you should be OK.
Please let me know if I can be of further assistance.
