Can a bank refuse a home payment?
Ok, so I get a call. Someone needs my ears for their dilemma, but I don't get upset so they think I don't understand. Truth is that I am not that type of person who reacts quickly. I am a processor. I am surprised at what she was told. Her bank has a policy which puts you in foreclosure once you are 90 days behind. She is 60 days behind, but she is making regular payments. They refused her last payment, send it back to her by mail, and put her into foreclosure.
This just sounds wrong to me. Has anyone ever heard of this happening?
From what I know, a bank can apparently refuse a payment if it is not the full amount due. Some mortgages can put you into default when you are 60 days behind and foreclose at the 90 day mark. The fact this person owes 60 days of mortgage means the bank can refuse payment because the payment is not the full amount due.
I have heard of banks refusing payment when you have an escrow account and pay the mortgage but not the escrow amount. They can take the mortgage payment and still foreclose because the escrow amount was not paid.
Bottom line, the mortgages are all in favor of the banks and adverse to the consumers!
They can do that, have done it in the past and will continue to foreclose on homes improperly simply because they can. But she needs to call the bank and take control of the situation by sending back the payment to the bank and demanding that it be applied. Then work out a payment plan to get the past caught up. But she must be aggressive with these bankers. Also, it depends on the bank on how you handle them...B of A is different from Chase.
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