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Foreclosure Notices

J

jonwood

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Nov 9, 2009
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I got a call from a family member who got behind on there mortgage and they have just received forclosure notice.



They are behind on there property tax and 1 payment but the total amount is very manageable < $8000.00. They have tried to make payments on it but the mortgage co tells them to talk to their lawyer and the lawyer won't take any payment.



I have never been through anything like this so I have no knowledge of what they should or shouldn't do.



They have a court date set. Any information on steps they should take would be appreciated. Ideally they would like to just pay the outstanding balance and continue on.



Thanks in advance for any help if you need more information please specify and I will aquire it.



Jon Wood
 
Please state the province the property is located. What can be done depends on the province.



1 payment does not make a mortgage company start forclosure. Maybe it 3-4 payments missed that started the procedings and 1 year or more of property taxes has the city selling the property for taxes. The property condition probably mirrors the arrears, lots of deferred maintenace. Do they still pay for fire insurance? Common oversight when people are behind. They sound like they are in default of the mortgage, so they owe the outstanding balance, legal fees and taxes. Maybe $28,000 not $8,000 will bring them back to paid up.



Your family member must get independant legal advice ASAP. This forum is not the right place for legal advice, as we don't know ALL the facts and we are not lawyers.



One option is talking to a Quick Turn Real Estate who can help but at a cost. They will buy the property at a discount. There is lots Quick Turn people on the forum. Not the best option, but one option.
 
Get the full story. A bank usually takes $s to clear up arrears, especially if it is only one month. So there may be more going on here than you depict !
 
Your family member may be withholding information. It is uncommon for banks to reject payments so likely your family member is in far deeper than they are letting on.
 
Thanks for the responses. I have dug up some more info and made them be very open with me. I got the forclosure documents.



On the document it shows



Principal balance $338712.41

Accrued Interest $26.50

Tax account Balance $6132.46

Risk Insurance $320.00

Interest in arrears $3232.47

Outstanding Fees $604.39

Outstanding Utility balance $30.62

Balance due $349058.85



So it looks to me like the amount that would be needed to get caught up would be $10346.44



The lender is Street Capital Mortgage Corporation.
 
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