Can my mortgage company still foreclose on my property even though payment arrangements have been made and fulfilled in a timely manner?

UPDATED: Dec 12, 2011

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Can my mortgage company still foreclose on my property even though payment arrangements have been made and fulfilled in a timely manner?

I have a mortgage loan with another party co-signed on. We fell behind. Contacted the mortgage company, payment arrangements were made and payments were made timely according to that arrangement. I have kept in constant contact with my mortgage company, ensuring that every payment has been received. Just recently, they’ve returned my last payment and issued a letter stating their intention to foreclose and sue for back charges. What steps should I take to remedy this situation? Also, the second party of the loan has filed for bankruptcy.

Asked on December 12, 2011 under Real Estate Law, Georgia


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you believe that you are current on your loan with the lender where the security for the promissory note evidencing the loan is the real property that you have written about, but the lender is threatening foreclosure, you need to immediately consult with a real estate attorney about the situation.

Possibly there is some accounting error on the lender's part resulting from the falling behind in payments that happened to you that you apparently cured. In the interim, I would write the lender for a detailed explanation for its intent to foreclose on your property keeping a copy of the letter for future reference and need.

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