Lender Refused Payment
In the late 1990’s in Los Angeles, Ca., and surrounding areas, homeowners experienced a wave “property snatching” under the color of foreclosure.
In one case, a homeowner had their mortgage payment servicer, the company that collects the money, change over four times. Every couple of months they were directed to make payments to a different lender. While trying to keep up with the lenders reselling the loan to different companies, the homeowner was late mailing one payment to their new lender. The homeowner, tried to speak to someone in charge of the account at the lenders’ office, but was rudely snubbed. The clerk, who claimed to be a supervisor, stated that “even if the payment was made, it would not be accepted”! The homeowner became confused and did not know what to do, if the lender refused to accept the payment on their mortgage to their home!
After several attempts to try and make payments on their mortgage, the homeowner was told that their property would be foreclosed upon, and that there was nothing else they could do.
Needless to say, the last lender commenced foreclosure proceedings against the borrower without an avenue of resolution despite many attempts by the homeowner to try and make good on the loan! There will be more on the story…
Do you have legal rights if the mortgage holder refuses your payment and returns it to you? Then they change their mind after contacting an attorney who suggested they not start foreclosure?
We do not offer legal advice and you should contact an attorney for assistance. It seems that you still have actions available to prevent foreclosure and keep your home.