Legal Question in Credit and Debt Law in Texas
partial payments
We have been paying on a home mtg for 5 years now. We have regularly paid partial payments biweekly because we get paid biweekly and it is easier to come up with this way. Over the last 4 months business has been lean and we were not able to pay everything owed. We have re-evaluated our expenses and have made some changes and wish to revert to weekly payments which would allow us to pay our current payments and catch up our late payments over the next year. Now our lender is saying that they do not accept partial payments and they will only do autodrafts for the full amount due. Can they refuse partials now after already accepting them previously?
1 Answer from Attorneys
Re: partial payments
The earlier arrangement was agreed to between you and the lender. Your attempted partial payments now are outside that agreement. The only payment the lender is obligated to accept is full payment.
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