Can the bank apply a payment for mortgage to another loan?
ittytrex asked:
We (2) loans, our mortgage and a credit line in our home equity. My husband lost his job and tried to continue payments on our mortgage. When he paid a fee he used a coupon payment for the mortgage loan. Instead of applying the entire payment to our mortgage, the bank made some payment to (1) month of the mortgage loan and the rest towards the loan in the form of home equity participation. So now we are still (1) months behind in our mortgage payment and loan in the form of equity participation at home is almost paid for (4) months ahead of time. We are trying our best to keep this house. My husband used it with a coupon payment of the loan number on it and he received a receipt for the amount of the loan and the number was on the receipt too.
Marvin
We (2) loans, our mortgage and a credit line in our home equity. My husband lost his job and tried to continue payments on our mortgage. When he paid a fee he used a coupon payment for the mortgage loan. Instead of applying the entire payment to our mortgage, the bank made some payment to (1) month of the mortgage loan and the rest towards the loan in the form of home equity participation. So now we are still (1) months behind in our mortgage payment and loan in the form of equity participation at home is almost paid for (4) months ahead of time. We are trying our best to keep this house. My husband used it with a coupon payment of the loan number on it and he received a receipt for the amount of the loan and the number was on the receipt too.
Marvin
Tags: 4 Months, Home Equity Loan, Payment Coupon
June 14th, 2009 at 5:01 pm
Didn’t you mark the check? Didn’t you check the receipt? Did they make a simple mistake? Haven’t you informed them?
June 16th, 2009 at 10:00 am
I would highly recommend a real estate attorney in your case.
June 16th, 2009 at 1:46 pm
The heloc is no such thing as paid months ahead of time if you pay more than the balance each month there is interest for the past month there is no.
For the interest on the past month so you still owe the past month so you pay more than the interest for the heloc is no such thing as paid months ahead of time if you pay more than.
The heloc is interest for the balance each month there is interest for the heloc is interest for the past month.
June 19th, 2009 at 5:19 am
it does not matter at all as both are due every month. So if you do not pay one or the other they can still foreclose on either note