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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Re-Instatement Posted by Rick Harmon on October 30, 2003 at 11:35 PM In Reply to: Re-Instatement posted by Lughead on October 30, 2003 at 11:03 PM : hello : we are foreclosing on a note - : a) do we have any responsibility to specifically notify the trustor that we will not accept re-instatement in the final 5 days? : b) if we so choose, may we accept a amoutnt less than full payment without canceling the full debt? : example - if note is for $100,000 : re-instatement amount is $15,000 : can we in the last 5 days require an amount of $50,000 or greater to cancel the sale? : thank you : Lughead ******************* Lugster No additional notice is required to my knowledge however I would NOT accept any partial funds. It could get real interesting if your borrower filed BK after you accepted funds or foreclosed later so hold on to your hat and let's see what manuever they take, if anything. Personally, I don't see the real benefit unless you're trying to get a few extra bucks out of them and that wouldn't fly to well later possibly. I'd keep it clean and simple and, as always, ask them nicely to not park their car with the oil leak the (your) driveway. Rick Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : hello : : we are foreclosing on a note - : : a) do we have any responsibility to specifically notify the trustor that we will not accept re-instatement in the final 5 days? : : b) if we so choose, may we accept a amoutnt less than full payment without canceling the full debt? : : example - if note is for $100,000 : : re-instatement amount is $15,000 : : can we in the last 5 days require an amount of $50,000 or greater to cancel the sale? : : thank you : : Lughead : ******************* : Lugster : No additional notice is required to my knowledge however I would NOT accept any partial funds. It could get real interesting if your borrower filed BK after you accepted funds or foreclosed later so hold on to your hat and let's see what manuever they take, if anything. : Personally, I don't see the real benefit unless you're trying to get a few extra bucks out of them and that wouldn't fly to well later possibly. : I'd keep it clean and simple and, as always, ask them nicely to not park their car with the oil leak the (your) driveway. : Rick Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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