Mortgage Statement
In a mortgage statement I have from a seller it says the pricipal balance due is 112k and some change. She is late by 6k and some. My question is when the back payments dissolved back into the loan will her loan balance be 118k or will it stay at 112k. I am not sure if I asked that right, however, I am a little confused as to how the whole thing works.
Jim
That depends- is the seller in forclosure, if so the loan balance will be much greater than the 6K that's in arrears. There will be late payments, attorneys fees and court cost to add to the loan balance. Even if the seller isn't in foreclosure, there will be late fees added to the loan www.balance.If you really want to find out what the loan balance is call the lender and ask.[ Edited by bpteos on Date 02/02/2004 ]
You can't just call the bank and ask what the balance is. You must send a payoff request signed by the current customer, it usually takes seven to ten days. The mortgage statement should be accurate as far as the principle goes, but as the previous person wrote the attorney's fees would not be on the statement or any other fees due
Lori
[addsig]