house foreclosure question

[LovinPooh]

So my BFF calls me up in hysterics! She is 12 days late on her mortgage and they told her if she didnt make a payment today she would go into foreclosure. This is blowing my mind. I am wondering if they are just 'playing' her. Anyone ever heard of this?
I dont know what to say. I thought you had to be like 3 months behind or something like that. My goodness, can you imagine these days if banks took homes over 12 days?

 

[Dancemom03]

I thought you had to be more than 30 days but don't really know. It does sound odd. Technically though, if payment isn't there on the due date, the loan is in default.

What bank is this thru?

 

[Blue.Fairy2]

So my BFF calls me up in hysterics! She is 12 days late on her mortgage and they told her if she didnt make a payment today she would go into foreclosure. This is blowing my mind. I am wondering if they are just 'playing' her. Anyone ever heard of this?
I dont know what to say. I thought you had to be like 3 months behind or something like that. My goodness, can you imagine these days if banks took homes over 12 days?

Not an attorney but this link might help. Looks to me like it is 60 days. If they threathened her she has a rights, they are not allowed to do that and she should report them to her state.

http://www.foreclosurelaw.org/New_Hampshire_Foreclosure_Law.htm

 

[*pixie*dust*]

Are you sure she is telling you the whole story? Perhaps she is embarrassed and didn't want to say how far behind she really is?

As busy as most FIs are with foreclosures and collections, it sounds very fishy that they would even contact her for 12 days late-- unless she was with some sort of high risk finance company. She isn't on a land contact is she? A loan doesn't even appear on reportable delinquency at 12 days late.

 

[LovinPooh]

I think she said Citi. I heard that mentioned amongst some choice curse words lol.
thanks for the link. I am going to forward that to her.

 

[LovinPooh]

Are you sure she is telling you the whole story? Perhaps she is embarrassed and didn't want to say how far behind she really is?

As busy as most FIs are with foreclosures and collections, it sounds very fishy that they would even contact her for 12 days late-- unless she was with some sort of high risk finance company. She isn't on a land contact is she? A loan doesn't even appear on reportable delinquency at 12 days late.

She has always been the type of person to pay everything on time. Just has had some hard blows the last few months.
I dont know much about the other stuff. It just all sounded fishy to me. I only wish I had the money and all the answers for her.
12 days just blew my mind!

 

[EthansMom]

I've read here on the DIS about people getting phone calls from their mortgage lender when their payment is one or two days past the due date.

 

[Mom of three]

We used to have Citi and they are the WORST for calling/harassing.

We would be 1 or 2 days BEFORE the due date and they were still calling us saying they havent received payment yet and wanted to make sure we were aware payment was due soon.

If for some reason the payment was not made prior to the due date, you can almost guarantee multiple daily phone calls from them, pushing you for the payment.

It does not surprise me that they are using scare tactics, mentioning foreclosure to scare people.

Best of luck to her.

 

[Disneyliscious]

Scare tactics. Sad, sad scare tactics. Even in foreclosure I believe she has the right to buy it back out.

I have been late on my home before...and had the same tactic happen to me. The reps get bonuses if they get you to pay right then.

They dont want her house....they want her money. If she is able to get it...they'll be satisfied.....until they find another reason to harrass her.

 

[Glenn]

This type of abuse makes me mad. Some places give bonuses to collectors based on how they do. First was she 12 days late from the due date or 12 days after the grace period? Most mortgage documents might say your due on the 1st late charge after the 15. She should read her note to see what it says if shes not sure. If they called during this grace period they are way out of line. I would suggest that your friend call her States Attorney to see what the law is there for forecloser and what her rights are. She also may want to talk about the abusive call she received. If she receives more of these calls she should also get the full name of the collector not just a first name since the company may have hundreds of collectors. Many states have laws in place against false threatening statements from collectors.

 

[pixiewings71]

We used to have Citi and they are the WORST for calling/harassing.

We would be 1 or 2 days BEFORE the due date and they were still calling us saying they havent received payment yet and wanted to make sure we were aware payment was due soon.

If for some reason the payment was not made prior to the due date, you can almost guarantee multiple daily phone calls from them, pushing you for the payment.

It does not surprise me that they are using scare tactics, mentioning foreclosure to scare people.

Best of luck to her.

I would say scare tactics, unless she's more than 60 days late they shouldn't even be mentioning the F word.....
FTR, we have Citi and they have NEVER called us, not early, not late, not ever. They did send us a letter stating they were reducing our payment tho.

 

[lizondro7]

Lenders report to the credit agencies a late payment after 30 days the due date....after the 15th or so after the due date the late payment applies but the borrower has until the end of the month to pay it before getting reported. The lenders may call to remind you of late payments but they do not begin foreclosure procedures until after the 60-90 day after the due date before they declare the loan as being defaulted....at this time foreclosure procedures may begin depending on the lender.

 

[HsvTeacher]

I would say scare tactics, unless she's more than 60 days late they shouldn't even be mentioning the F word.....
FTR, we have Citi and they have NEVER called us, not early, not late, not ever. They did send us a letter stating they were reducing our payment tho.

Have to agree with this. We also have CitiMortgage (not CitiFinancial...different department) and have NEVER received a call from them about anything. I always schedule our payment a few days before the due date, because DH and I both get paid once a month.

After making two years of payments, they reduced our interest rate automatically, so we received a letter about that. Other than monthly statements, that's the only other time we've heard from them.

 

[MartinaC]

So my BFF calls me up in hysterics! She is 12 days late on her mortgage and they told her if she didnt make a payment today she would go into foreclosure. This is blowing my mind. I am wondering if they are just 'playing' her. Anyone ever heard of this?
I dont know what to say. I thought you had to be like 3 months behind or something like that. My goodness, can you imagine these days if banks took homes over 12 days?

My brother went through a foreclosure after a devorce 1 year ago. It took the bank 16 months to actually foreclose. The amount of paperwork the banks have to go through to actually do it is staggering. In my brothers case he wanted the process to go through because his ex was being unreasonable about any offers to sell. He did not disagree with any of the paperwork.
He kept calling to see if they could do things faster and they said the quickest foreclosure is 1 year. That means people could live in the house for 1 year without paying a dime. My brother could not believe it. He moved out of his house since he was trying to sell it so, it never was an issue of were to live.
They are just bullying here. Even after they file paperwork with the county she would have 3 months to get things current.
Hope info helps

 

[LizinSTL]

I think she said Citi. I heard that mentioned amongst some choice curse words lol.
thanks for the link. I am going to forward that to her.

Citi has called me BEFORE my loan is due before. My account is due on the 1st but I have until the 9th to schedule the payment on their site w/ no fee. I get letters from them often telling me there is no penalty if I pay before the 9th, etc. Last month, I scheduled the payment to be withdrawn on the 6th. I set that payment up before the 1st of the month. I understand that I could have changed the payment until it was initiated however, they started calling me on the 2nd and called me a dozen times a day through the 12th of the month. I stopped answering the phone because most of the time there was no one there. They'd had my money for 7 days before their system "updated" and stopped calling me. It's awful AND their customer service is out of the country so it did no good to call them and talk to them.

 

[omghidanielle]

That means people could live in the house for 1 year without paying a dime.

My next door neighbor has been in the foreclosure process for 3 YEARS and they still haven't kicked her out!

 

[Fanoffun]

It really depends on what state you live in. I live in Texas and I conduct foreclosure sales. We have to give about 60 days notice before foreclosing. I have heard that most other states allow longer than 60 days for a foreclosure.

If they call again, tell them you are going to report them to the Attorney General of your state for misrepesenting the actions they can take against you. Your state may have a deceptive practices act statute which would allow you to make such a claim.

That is just so unethical and cruel!

 

[XYSRUS]

Notice of foreclosure and getting kicked out of the house are 2 separate beasts. I personally know of 1 couple that has not paid their mortgage in 2 years and have no intention on doing so...plus, they're always going on some kind of trip...to have all that mortgage money as disposable income...it makes me want to puke just mentioning them. They're pathetic.

 

[PinkRhombus]

With the quantity of these going on now, I bet it would take at least 6 months.

We have absolutely nothing with Citi right now. Used to have a card with them, and they were awful.

I know it would be a pain to move your mortgage just because of those calls...but I would at least call them a bonehead or something and hang up on them if they started calling you like that when you were still within the grace period.

 

[LKHomemail]

I would check your contract. If you are in default , and technically, default in a payment can be a day after it's due, then, then contract language usually has a clause for acceleration of the mortgage. The bank can call the whole loan due and payable in full immediately. You would then have to refinance through another lender. This might work for or against you. Most banks , will not accelerate the loan and would rather work with customers because they really do not want to take over your house. It's usually not profitable for them to do so. If you have a lot of equity in your home, and you can't get financed for a new mortgage , you could lose big. Whenever possible try to be prompt in paying all bills. If times do come up where you are slower pay , it will be easier to negotiate payment arragements if necessary. Good Luck to you.