reinstatement or payoff quote? You should contact the servicer, law firm, and/or trustee verbally and in writing to notify them of the amount in dispute. Send your servicer a “Notice of Error” letter, which 1) provides them with your name and information needed to identify your mortgage loan account, and 2) describes the error or inaccuracy. If you claim the servicer did not provide an accurate payoff statement after you requested one, the servicer must respond within seven business days. If you claim the servicer improperly initiated a foreclosure or scheduled or conducted a foreclosure sale, the servicer is legally obligated to respond to you before the foreclosure sale date, or within 30 business days after receiving your letter, whichever occurs first. For some errors not related to foreclosure, a 15-day extension is allowed if the servicer informs you of the extension and explains the delay. If the servicer does not respond at all to your Notice of Error, consult an attorney. Your challenge of the quote won’t stop foreclosure proceedings, so consider paying the full amount quoted, and then worry about disputing any errors later, to make sure there are no delays in crediting your account and halting the foreclosure.
6. FORBEARANCE
Sometimes your financial crisis may just be a temporary setback and you could well be back on your feet soon. For instance, you may have lost your job, but you’ve managed to get another one, so in just a couple of months, you may be able to get back to making regular payments. In such cases, you could ask your lender for forbearance. This kind of agreement allows you to temporarily delay payment or pay fewer monthly payments for a certain amount of time. The
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