Sunday, November 16, 2014

If you are behind in your mortgage payments and are making partial payments can the credit union still forclose, because you cannot show a p...

Question

If you are behind in your mortgage payments and are making partial payments can the credit union still forclose, because you cannot show a permanent source of income?



Answer

The credit union can accelerate the debt for non-payment. A partial payment won't stop that, unless they've agreed to accept a partial payment in lieu of accelerating your mortgage. They don't really care about your showing a source of income (unless you're trying to modify the note.)

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