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When Lehman contacted Marubeni after a payment was missed, Marubeni said that it had no idea what the bank was talking about.
The seller's contract, which was to be two years in length, spelled out that if the monthly payment of $1,500 was late, a penalty of $3,000 would be tacked on to the principal, and if a payment was missed, the seller could initiate foreclosure.
An additional $5.6 billion payment was missed today.
The claim was formally struck out in July 2011 after the deadline for Allen's initial payment was missed.
Similar(54)
Once the Parkers' first payment was missing for 90 days, their account was considered delinquent, and the mortgage company automatically stopped accepting their payments.
If a payment is missed, trigger the C.D.S. and be made whole".
"If an actual payment were missed once, might that happen again?
If a payment is missed, interest rolls up and the sums to be retrieved increase.
The machinery of foreclosure can start very shortly after the first payment is missed.
"If a payment is missed, trigger the C.D.S. and be made whole," the group said on its Web site.
"If a maintenance payment is missed, the co-op can dip into the escrow to cover the payment, and the shareholder then has to replenish the escrow account".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com