My mortgager,Chase Manhatten J.P.Morgan, has refused a payment that was on time( I have postal records to prove this) and the have declared me in default,and set up an auction on my home. I have heard of a "notice of default" does this pertain to first line creditors? If so what statute covers this and what is the creditors recourse?

Hello 1:

As they say, there's more to this story... As experts in real estate law, we know that banks don't do that the first time you're late. So, tell us the whole story and maybe we can help.

excon

A mortgager cannot set up a auction simply because of a late payment. Before they can do this, they have to go through a foreclosure process which means going to court. So there appears to be a lot missing in this story as excon notes. If you want us to help you have to give us the details.

I was on a repayment plan, with one of these preditory companies,Chase manhattan, J,P.Morgan, I have been in contact with the OCC since oct 06. Chase has held funds & not posted to my account, among other things, yes I was behind due to a divorce, my ex (on the account ) went bancrupt I had been asking Chase for 5 months prior to remove her. They told me they could not, then said they could only forclose due to chap. 7, then turned around and set up repayment and accepted over 10k on this account. During repayment chase returned 3 payments to me and put me in foreclosure due to a payment being late on the plan, I have since proved to them through postal records that the payment was in their grubby hands prior to the due date. I still need to know if their returning it constitutes a notice of default? What statute covers this notice and what their recourse could be.

I am in need of the statute number concerning 1st line creditors returning, refusing, or rejecting payments. I have found info on 2nd line creditors doing such but can come up with nothing governing 1st line creditors.

Hello biker:

Why don't you tell us what happened and maybe we can help? You know, stuff like what state you live in... You know, they all have different laws.

excon

Hello again:

I think the reason you didn't get a response last time is that nobody knows exactly what to do. This web site is geared to help people with general legal problems. However, when people come to us with detailed and continuous problems, those are things that we really can't sort out for you. Your situation sounds like that.

My only advice for you is to hire a lawyer. I understand that this is about money (that you don't have), but I think it will save you money in the long run. That's because when one side knows the other side doesn't know squat about the law, then they start doing all sorts of illegal stuff to you. Us simply finding a law and telling you what its number is, ISN'T going to help you.

Look in your yellow pages for attorneys. You'll find jillions. MOST of them are not working a lot. You CAN find one who will be willing to accept payments from you. That's what I would do. I think anything else is just whistling Dixie.

excon

I gather that you PMed excon after his first response. Another purpose of this site is provide public help so other people can benefit from the solutions.

I also checked your three notes and one of your problems is that instead of adding more info as a response to a single thread, you started new threads.

I'm going to request that all three threads be merged and then maybe we can provide help.

Ok, so you were in default of a loan but entered into a payment plan that the creditor agreed to? Do you have that in writing? Then the creditor claimed a payment (or payments) were late and cancelled the plan taking the property into foreclosure? Is that the situation? (note: in your original post you did not mention the settlement plan which would have changed our answers).

Foreclosure usually requires a court hearing. Did you show up to argue the point?