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I know this is probably a legal question but I’m hoping someone has experienced this scenario…
Our borrower was 120 days delinquent. We were working on sending a foreclosure notice but we were notified that borrower had filed ch. 13 bankruptcy. We stopped all foreclosure activity. Ch. 13 said borrower would pay us outside the bankruptcy. We started accepting “current” payments from borrower but never collected the delinquent amount from borrower. Now the borrower has stopped making “current” payments. Do we need to wait another 120 days to start foreclosure?
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I apologize we missed your question earlier.
We do recommend you consult your legal counsel on this, but here is a q&a with some good information: https://mycomplianceresource.com/forums/topic/what-do-you-consider-to-be-120-days-delinquent/
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