Legal Question in Credit and Debt Law in Illinois

last 2 month didnot make full house note loan co. refusing to work with me and keep telling me to not call in or mail any payment unless 11000.on unemployment and if not full amount they will not except only full amount.if not paided by jan 16 2010 goes into foreclosure and all that extra cost will be added.

if they refuse any type r amount of payment does that mean acct is paided in full because they refused payment


Asked on 12/28/09, 2:03 pm

1 Answer from Attorneys
Frank Vosholler Law Office of Frank L. Vosholler III

No, by not accepting late payments unless full payment they are protecting there rights under the mortgage and note. If they were to accept payments they could later be found to have waived there right to accelerate the loan and imposed an implied consent on themselves.

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Answered on 1/07/10, 8:23 am


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