US Bank foreclosure letters?

kupkup

LoanSafe Member
May 31, 2013
9
0
1
For most of the second half of this year we've paid our mortgage between 10 and 25 days late. 3 times we've fallen slightly beyond that, such as the November 1st payment which I just made on Friday.

US Bank locks you out of online payments once you fall 30 days late, but a payment to bring it less than 30 days reactivates your online payment option.

Our December 1st payment won't be made until 12/19.

So today, I receive a letter dated 12/2 (obviously, before we made the Nov 1 payment) states that "Your loan will be considered for legal proceedings".

The rest of the letter talks a lot about stuff they "can" do.

Any thoughts? I logged in this morning before I even received the letter and saw that online payments had been reinstated. Is this just a general "get caught up" scare tactic letter, or do you think they're seriously considering foreclosure on a lien that runs "late" monthly but only 3 times has been reported late to credit bureaus?

Our modification terms were bad, and we pretty much consider ourselves to just be paying rent on this property until we figure out our long term financial situation. We're not above bankrupting it away, but we're not there yet.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Any thoughts? I logged in this morning before I even received the letter and saw that online payments had been reinstated. Is this just a general "get caught up" scare tactic letter, or do you think they're seriously considering foreclosure on a lien that runs "late" monthly but only 3 times has been reported late to credit bureaus?
Yes you're correct, these letters are standard and are really just a scare tactic so you pay off the past due amount in full. They must abide by state foreclosure laws and cannot expedite foreclosure proceedings due to being one month behind.. As long as you manage to stay 30-60 days or less behind, I would simply disregard any collection notices you receive from U.S. Bank..