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  1. #1

    Default Will the Bank Accept my Past Due Payments and Fees

    I'd really like a variety of opinions, so I thought I'd post here in case anyone has faced something similar or just knows how this stuff works.
    my financial situation was horrible for the past 3-4 years...this year has seen a gradual, steady improvement...now I am a few weeks away from dramatic improvement...I am self-employed and have landed a big contract, which should provide me with security for some time...but I have one last battle to fight.....:

    I have been chronically late with my mortgage,, but I have ALWAYS caught it back up....I've been on the brink of foreclosure more times than I care to count, but I always have staved it off by paying late mortgage payments and getting current. Then I repeat the cycle, by getting 90 days behind, then come up with the $$$ to make it current...then repeat the process....this has happened 4 - 5 times..one time it went so far that they piled on $2500 in legal fees as we headed into foreclosure, but, as always, I came up with the money to bring it current....so I find myself in a familar position one last time...I owe my bank $6200 by Oct. 10 (Tuesday)....I think there is a decent shot I'll have the full amount by then and can just clear it up and go on...if I don't, then I'll have more than enough to pay it off within the next few weeks, even if they go so far as to heap $2000 of "legal fees" on me again...I guess my worry/question is: can a bank ever just say "ah, heck with this guy, he's been a chronic headache...let's foreclose anyway." I don't think they legally can..I think there are some homeowners rights...and even if they legally could, I doubt they would...don't banks really dislike foreclosing?

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Will the Bank Accept my Past Due Payments/Fees?

    In what state?

  3. #3

    Default Re: Will the Bank Accept my Past Due Payments/Fees?

    I am in Ohio

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Will the Bank Accept my Past Due Payments/Fees?

    It's my understanding of Ohio foreclosure procedure that the Bank will first give you an opportunity to catch up before the matter goes to court, then for a judicial foreclosure the judge will order that if you don't catch up by a specified date the foreclosure may continue. If you miss both of those deadlines, the bank can foreclose.

  5. #5

    Default Re: Will the Bank Accept my Past Due Payments/Fees?

    Quote Quoting Mr. Knowitall
    View Post
    It's my understanding of Ohio foreclosure procedure that the Bank will first give you an opportunity to catch up before the matter goes to court, then for a judicial foreclosure the judge will order that if you don't catch up by a specified date the foreclosure may continue. If you miss both of those deadlines, the bank can foreclose.
    If that is the case, you are playing music for my ears....because I KNOW I will have plenty of $$$ soon. I just want to make sure that I have the legal right in Ohio to "catch up", bring myself current...if I do, I'm good to go.....I've heard in some states a bank can just kind of decide to take your home for no particular reason? Is that non-judicial vs.judicial foreclosure.....? This is all interesting to me, I think it'd be more interesting once I'm not the one we're discussing, though....

  6. #6
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Will the Bank Accept my Past Due Payments/Fees?

    The Ohio State Bar offers information about foreclosure and what happens after foreclosure.

  7. #7

    Default Re: Will the Bank Accept my Past Due Payments/Fees?

    I guess I should have read my letter from the bank more closely....upon re-reading it it says "You have the right to reinstate after acceleration...to reinstate your loan after foreclosure proceedings have begun , you will be required to pay any expenses incurred"....so, I guess they are saying they will definitely accept back payments and I'll probably have to fork over $2000 - $3000 in legal fees, but at least I keep my house.

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