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  1. #1
    Join Date
    Jul 2008
    Posts
    3

    Default Getting More Time By Making Partial Payments

    My question involves a foreclosure in the State of: California

    I am currently 70 days in default on my 30 year fixed 6% mtg. I cannot afford my $2k mortgage for next few months ... But, expecting $$ soon to get back on track .. Want to keep home bcuz there is positive equity... Dont want Loan Mod bcuz the one I have is good... Just NEED MORE TIME to get back on track.

    The lender has told me in writing that I am in default & need to pay ALL of past due amount or they will set sale date @ end of month. It looks as if I will not be able to cover the whole amount due by the end of month. I have twice sent in monthly payments that they have accepted/cashed & appeared to have set my default clock back .. Even though they have told that they don't want my partial payments... They have accepted them... But, it appears that by the deadline i will be about $3500/1.5 months short.

    1) Am I correct in thinking that there acceptance of my partials is granting me more time on the default clock ??

    2) Am I correct in thinking that my partials are showing the lender that I am serious about keeping my home ??

    3) Am I correct that even though my home has positive equity they dont want me in foreclosure either in this current market ??

    4)My lender is one of the largest sub prime lenders in country. How or should I be trying to get by the servicing/collection company that appears to have no decision making ability ?

    Anyone have any history or suggestions ? Thanks

  2. #2
    Join Date
    Mar 2007
    Posts
    9,096

    Default Re: More Time Partial Payments

    Quote Quoting qwt55
    View Post

    1) Am I correct in thinking that there acceptance of my partials is granting me more time on the default clock ??
    Not unless the lender says so. There is no formula that states if you pay X you get to stay longer Y.

    2) Am I correct in thinking that my partials are showing the lender that I am serious about keeping my home ??
    That is a question for the lender.

    3) Am I correct that even though my home has positive equity they dont want me in foreclosure either in this current market ??
    Your positive equity has nothing to do with it. The only thing that your positive equity grants you is a reduction in the amount owed.

    4)My lender is one of the largest sub prime lenders in country. How or should I be trying to get by the servicing/collection company that appears to have no decision making ability ?
    I don't understand. Are the collectors not working for the lender?

  3. #3
    Join Date
    Jul 2008
    Posts
    3

    Default Re: Getting More Time By Making Partial Payments

    thanks ... i guess just feelin very nervous about not coming up w/ full amount owed & nobody can really tell me what the lender is going to do .. but, the lender ... thanks

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