Park financing issues

[maggiemae]

I have lived in a park owned and financed mh for the last five years. In the spring of 2007 everyone that owned a park owned home received a notice stating their mortgages were now with " " company. This compnay, it turns out, is a debt collector. They are rude as the day is long. I have had many financial difficulties and my payments are regularly late, although always less then thirty days. Nonetheless, they send me default letters and constantly tell me I am going to lose my home. Can they foreclose on me only being a 2 to 4 weeks late? Why are default letters sent within two to three days after the grace period for a payment? I live in Michigan. I would like to know where I can find reputable answers to these questions without asking in park mgt(not very helpful) or calling corporate (even worse!!)

[rmurray]

Foreclosure procedures are different in every state..But prudent lenders will start foreclosure as soon as legally possible because in most states it can take months to complete the process..Your account is considered delinquent 1 day after the contracted payment date. Grace periods are designed to not penalize folks whose payments might have gotten caught in some mail mixup..It is NOT an extension of the payment date. The Federal Trade Commission strictly enforces the federal laws concerning debt collection. You might want to study up on your rights and the collectors obligations and read about the complaint procedures. If so go here and read the law;

http://www.ftc.gov/os/statutes/fdcpajump.shtm

The easiest solution to your problem is to make sure your payments are delivered on time.

[David Oxhandler]

Default letters should be sent the day after the grace period because if you have not made your payment you are legally in default. It is the lenders responsibility to inform you when you have violated the terms of your contract.

Every time you dont make a payment on time you are putting yourself in danger of the legal consequences and the lender should let you know as soon as you violate your agreement and are in a position to be removed from your home.

If you start to meet your obligations on the dates you committed to when you signed on I would bet that you would never have any problems with the lender or get another notice.

If your payments are too high consider refinancing to lower your monthly obligation