QUESTION
Can my lender threaten to foreclose on my home if I do not pay?
Asked on Feb 08th, 2013 on Foreclosures - New York
More details to this question:
I currently owe delinquent property taxes on my homestead property. My lender has threaten to foreclose on my home if I do not pay. Can they legally do that?
8 ANSWERS
1 Award
Normally, yes. Most loans obligate the borrower to keep the property taxes and insurance paid current.
Answered on Feb 13th, 2013 at 7:10 PM
Yes, because in the promissory note and deed of trust you probably agreed to pay them. If you do not pay them, the taxing authority could foreclose and wipe out the lenders deed of trust. To avoid that, the lender would pay them and go after you for reimbursement.
Answered on Feb 12th, 2013 at 4:52 PM
Richard hirsh
Yes they can since payment of taxes is certainly an obligation under your mortgage instrument and failure to pay would be a breach of the mortgage contract which would permit foreclosure to protect their interest.
Answered on Feb 11th, 2013 at 10:26 PM
Is it your lender or their law firm? Under most circumstances, your lender can threaten to foreclose on you - legally. However, foreclosure is a very complex area of law. You should review your situation with a qualified lawyer as soon as possible.
Answered on Feb 10th, 2013 at 7:23 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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Absolutely that's the point of a mortgage if you don't pay they can foreclose and take the home.
Answered on Feb 10th, 2013 at 7:22 PM
Bankruptcy Attorney serving Columbus, OH
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The Needleman Law Office
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It depends on the verbiage of the collection attempts. One thing that is certain is that if you are delinquent on your payments, they can foreclose.
Answered on Feb 10th, 2013 at 7:18 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on your contract. If the contract provided that you keep the real property taxes current - then yes they can foreclose because you defaulted on a term of the contract.
Answered on Feb 10th, 2013 at 7:15 PM
Kevin J. Connolly
Yes. The tax lien would cut off the mortgage, so the mortgagee can take steps to prevent that happening.
Answered on Feb 10th, 2013 at 7:10 PM