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Can a lender recall a performing real estate loan for any reason?
Wiki User
∙ 12y ago
Generally speaking, a mortgage loan is recalled or "called due and payable" only when a default event has occurred. However, the list of default events can be longer than you might think. It can include:
1) Transfer of an part of property ownership without written consent from the lender (between spouses, or into a trust)
2) Failure to pay property taxes
3) Failure to adequately insure
4) Use of the property that is illegal or against the terms of the loan
5) Death of a borrower
6) Failure to maintain the property
7) Fraud, either current or later discovered in the loan application (such as lying about occupancy type)
Recalling a loan is expensive and dangerous for a lender, so if loans are performing, the taxes are paid, and the home is insured and in good condition they usually won't have a reason to recall it. A more common scenario might be a borrower refusing to pay taxes or insure the home, so a lender might pay it and force those amount on the borrower, by adding them to the loan or foreclosing on the home.
Wiki User
∙ 12y ago
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If the account being reviewed for loan modification due to hardship ollection department still call you daily about past due amount?
It is possible that your loan has already been sold to a third-party collection agency which may be attempting to collect the debt on its own - and actually have no knowledge of the loan modification you are attempting to work out with the lender. Notify the lender and perhaps they can recall your account from collections and end the harassment.
