Legal Question in Real Estate Law in Florida
Can company foreclose after refusing to accept partial payment?
We've had several problems with our mtg co. including our mtg going up $300 a mo. (for a full year) due to inaccurate info. at the closing...this has put us playing catch-up. We owe April, May, and June's mtg. payment. On 6-16, I sent (through Western Union) April's payment + approx. $100 and received a letter a week later that they REFUSED it since the total wasn't for the full 3 mo. due. Now the mtg co is threatening to foreclose!! Do they have standing to foreclose considering they REFUSED the attempted payment?? (I would think that some money would be better than none at all!!)
1 Answer from Attorneys
Can mtg. co. foreclose after refusing partial payment? YES
FACTS: Owe April, May, and June's mtg. payment; Sent April's payment + approx. $100; received a letter that pymt. REFUSED since total not for full 3 mos. Mtg. co. is threatening to foreclose!
Q. Do they have standing to foreclose since they REFUSED the attempted payment?
A. YES, if they accelerated the full amount due as allowed by the mortgage; NO if you are employed with regular monthly income and willing to file a chapter 13 Bankruptcy.
You must tender full payment before they accelerate the entire balance due on your mortgage. You can't unilaterally change the terms of the mortgage just because you had some problems. You need to call them and explain you financial problems and how you got where you are. They might work with you if you communicate with them. They are in the business of making loans and collecting money; not selling property. Contact them and talk to them and explain your circumstances. If that doesn't work, contact a Bankruptcy attorney and talk to him. You can force them to take back pymts, if you also keep current on your monthly pymys.
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