If you are late on your mortgage, but the bank accepts a partial payment, can they still foreclose on you?

[nissim42]

I know when you live in an apartment and are renting, and you receive eviction papers for failure to pay rent, if the manager accepts a partial payment the eviction process comes to a halt. Now if you receive something from your mortgage company stating if you don't pay by a certain date, then they may start foreclosure on your house. If they accept partial payment would this stop this procedure.

[shadrach]

Not necessarily. Read your mortgage agreement...many have provisions within stating that accepting a partial payment will not stop a foreclosure process once it has started. However, since foreclosures are at an all time high, the bank probably will not foreclose if you are making an effort to pay...they may be just trying to intimidate you. If you are just trying to put them off and know that the house will be foreclosed on eventually, save your money...the process can take up to a year. If you declare chapter 7 bankruptcy, they have to let you stay in the house (without paying your mortgage...great opportunity to save money!) for six months. If you declare chapter 13 bankruptcy, the amount you are behind, and in most cases your second mortgage, will disappear and you just start making you regular payments again (once you prove to the bankruptcy court that you have the financial ability to do so) good luck

[danil70]

Yes they can. Eviction and foreclosure is not the same. They can forelose as long as you are not current.

[bellden]

No. if you violate the tems you agreed to on either a lease agreement (rental) or a mortgage note (buyer), you can be evicted...foreclosed

[dalon]

YES.

[enfovehow]

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