Legal Question in Real Estate Law in Missouri

Payment Check bounced

I have been out of work since January. We have been struggling to keep our debts going and my most recent house payment bounced. I had been making the payments on the 28th that were due on the first (almost 30 days late.) This payment bounced and I have gotten a letter threatening foreclosure. I don't want this to happen. Can I legally make payment arrangements to avoid this or do I have to make the payment suggested in the letter or lose the house? The money is not available to us at this time to make the payment.... What can I do?


Asked on 6/17/04, 4:08 am

1 Answer from Attorneys
Michael R. Nack Michael R. Nack, Attorney at Law

Re: Payment Check bounced

My advice would include making the bounced check good as soon as possible. Also, contact your lender immediately to discuss your mortgage payments. Try not to talk about how tough things are financially, but rather stress the fact that you will be able to make timely payments in the future if they can work with you a little bit right now. Many lenders will agree to restructure things so that a missed payment may be put on the end of the loan term. Some will accept a couple of partial payments rather than insist upon the entire payment at one time. If the lender is interested in you paying off the loan (and all the interest)they have an incentive to try to work with you. If the lender is more interested in foreclosing, then you may need to hire an attorney to represent you. Good luck.

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Answered on 6/17/04, 11:42 pm


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