Legal Question in Credit and Debt Law in Illinois
My morgage lender is saying that I am 5 months payment delenquent. After changing my monthly payment to adjust escrow in October. They have held onto / not cashed my payments because a single check did not cover the entire amount. The total sum of payments sent in has surpassed all payment amounts totaled. now, my credit is taking a hit and this isnt fialized . What should or can I do?
1 Answer from Attorneys
Hi. Sometimes when you get behind, the lender doesn't accept partial payments because they don't want you to later be able to argue that by them accepting less than the full amount, they waived certain rights. If they haven't cashed your checks, then hopefully you still have all the money available in your bank. In that case, call them and negotiate an amount to get yourself current. They don't want your property. If you have close to the full amount, you should be able to work out a deal to become current.
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