This is an often litigated issue with significant ramifications.  The Superior Court of New Jersey recently become one of a long line of courts to address this issue.  In that case (Bank of America v. Princeton Park) the Court found that the acceptance of late payments did not equal a loan modification or waiver of rights.  The Court, in particular, gave weight to the contractual terms that any modifications needed to be in writing and signed by both parties.  Furthermore, the bank accepted the late payments with the warning that this did waive its rights.

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When faced with a difficult legal situation, you want to make certain you have the best representation and legal team in your corner. At Perry Law, our attorneys and support team are here to ensure you the most sound advice and legal counsel possible.  Perry Law is a regional law firm with attorneys licensed in Arizona, Florida, Idaho, Oregon, and Washington. The firm represents over seventy years of combined legal experience.