Our Loan was sold to EMC in 2004. Upon receiving notice from our Lender they had sold it to EMC we received an Intent to Foreclose Notice. After Phone Conversations with my husband, they admitted they had around $7,000.00 in Suspense and he advised they apply that before proceeding.
Late 2004 we got behind due to unexpected financial crisis and received generic letter offering assistance to correct the problem with delinquency. I called asked if they would agree to deferring one month to the end of the contract. I was advised, NO because we weren't really in default. We needed to be 3 months behind to be in default and I could give him a commitment of one month payment in 2 weeks.
Feb. Comes and we are 3 months behind, I call ask for deferral of one month and advised, NO because we have not made 3 consecutive payments. Further advised the paperwork has already been prepared to initiate Foreclosure. MUST BE 3 MONTHS BEHIND FOR DEFERRAL AND MUST HAVE MADE 3 CONSECUTIVE PAYMENTS ~ EEK! Sent 1 month payment.
March arrives Two months behind - Can't send payment til April 1st. Call and ask will you accept authorization for payment April 1st with a second payment at the end of April. We are anticipating receipt of funds in April or May which will enable us to bring the loan current along with our other bills.
NANCY SAID - "NO" IF YOU SEND A PAYMENT, I WILL RETURN IT. Our new policy allows no carrying of delinquencies for any time period. We have the legal right to foreclose as you are in default of your loan. If she'd accept the payment April 1, we would be 2 months delinquent which does not qualify as in default under their "old?" procedure. Somehow this doesn't seem legal.
I'll send the payment and see if it really gets returned. I think I should further contact our State Attorney General and others. Once Companies receive contact from the State Attny General they have a tendancy to be a bit more compliant with the legal structures.
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