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#2149450 - 10/11/17 07:03 PM Rolling Delinquency - Can we refuse a payment?
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
We apply a payment on a delinquent mortgage to the oldest outstanding payment due - which then advances the date that the borrower's delinquency began.
If the borrower is past due for the 9/1/17 payment, and they make a regular payment on 10/5/17 - the payment satisfies the 9/1/17 payment, and the borrower is now past due for 10/1/17. The borrower will always be 30 or more days past due.

Question: Is the Bank able to NOT ACCEPT the 10/1/17 payment if the 9/1/17 payment is not paid at the same time?

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Mortgage Servicing Rules
#2149458 - 10/11/17 07:28 PM Re: Rolling Delinquency - Can we refuse a payment? Tarhe
MBTCompliance Offline
Gold Star
Joined: Apr 2015
Posts: 346
Have you read this?

https://s3.amazonaws.com/files.consumerf...Delinquency.pdf

Look at the last section on page 3 and top of page 4. I would suggest discussing with counsel regarding your note and any other limitations.

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#2149464 - 10/11/17 08:31 PM Re: Rolling Delinquency - Can we refuse a payment? Tarhe
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
Thank you very much!!

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