Mortgage Foreclosure: Paid reinstatement amount 2 days late?
Hello,
We received notice that our house was going to go into foreclosure unless we paid $3024 within 30 days. We were able to come up with the money, but it was 2 days late. We talked with several different reps with Wells Fargo and they tried to get it “reversed” but were unsuccessful since it already went to the attorney. Now they want $1500 more in fees on top of a double mortgage payment in November. Needless to say we are not going to be able to swing the money. What we can’t find out is what is happening to the $3024. One rep says it will be returned and a few others say they are keeping it. If they keep it isn’t that like accepting payment? If that is the case our mortgage would not even be 30 days late. The $3024 covered July-September.
Thanks for any input 
I should add they cashed the check…the money is out of our bank account and cleared.
I asked a question to get some advice. Not to be made to feel bad about our family’s economic situation. You don’t think I feel bad enough tucking 4 children in at night knowing that we are probably going to lose our home? Honestly, I don’t know how someone could be so heartless and rude? Pengy…did you even answer my question or did you just feel like putting someone down today? I just wanted to know if someone knew what would happen to the check. I didn’t say that I wanted it back or thought it wrong that they are keeping it…just trying to find out where we stand. Thank you to all…I think I will remove my question for any further comment and just wait it out.
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October 30th, 2009 at 11:23 pm
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try going up the food chain on this one but at least talk with them and try to work out a forbearance agreement with them. This will give you a year to get all caught up by splitting what you owe into 12 monthly installments
I am a mortgage banker in TN & KY
October 31st, 2009 at 2:15 am
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I would try to call the lawyers office or a manager. That is ridiculous…if they are still going to foreclose even though they have that check then I would put a stop payment on it! But be careful…
November 1st, 2009 at 7:27 am
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Get a lawyer.
November 3rd, 2009 at 5:45 am
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You had a deadline to reinstate. You did not pay before the deadline. It went to the attorney to process the foreclosure. All you can do now is give them what they want now to reinstate. The $1500 fees and October & November mortgage before their deadline is the terms they offered. Remember, they have to pay the attorney for the foreclosure work done when you failed to meet the last deadline.
They have offered you terms for a second chance. Take it or lose your house. As for the $3024 you paid for July, Aug & Sept, you owed it, and it will be deducted from what you owed. I.e. it is credited to your account. If you catch up Oct & Nov now, plus the $1500, you will be current on your mortgage & keep your house as long as you pay the mortgage on time from here on out.
If you don’t catch up Oct & Nov, plus the $1500, you’re out of your house. Since the $3K was credited to your account, the amount on the foreclosure is slightly smaller, so if the foreclosure sale or auction results in a “short sale,” you will be slightly less “short” and then have less of a whopping income tax bill than you would have if you hadn’t paid off a bit of the debt.
November 4th, 2009 at 10:34 am
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you where 3 months behind
You made a commitment that it would be paid by said date
You missed that date
You are being fined for missing that date
They have been good in that they gave you terms that you agreed to but did not live up to those terms whether that be a day or 2 days.
You did not abide by the contract now live with it
( I myself cannot see how someone cannot make one payment over 3 months)