Legal Question in Real Estate Law in Oregon
foreclose for late fees only
When are late fees ultimatly due, and can foreclosure and return of interest and principal be actions of lender or service co that are at their descrestion ?
Asked on 4/15/01, 3:20 am
1 Answer from Attorneys
Susan Burns
Law Office of Susan Ford Burns
Re: foreclose for late fees only
Late fees are due when they are incurred. If the late fees are not paid, they are a breach of the loan contract.
Generally when there is a breach of the loan contract, the lender has the right to foreclose on the property. An action to foreclose will usually require that the debtor pay all past due amounts to avoid foreclosure.
In certain types of foreclosure, the lender can demand that the entire debt, along with late fees, attorney fees and other costs all be paid in full to avoid losing the property.
Answered on 6/28/01, 12:18 pm
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