Loan delinquency Notices

[Guest BigBish]

My current provider send out delinquent notices monthly based upon 2 criteria

1- No payments for 30-60-90 days

2- Outstanding balance will not be paid off by end date ( part went on leave & came back, payments restarted but no payment to catch up the amount due was ever recieved by the Co.

Thier practice is that if they never get the lump sum payment to catch a participant up, they default the missed payment amount.

Aren't they obligated to re-amortize?

[Guest BXO]

I was unaware that anyone is obligated to reamortize a defaulted loan.

If I am mistaken, I expect that someone will correct me.