Can the bank apply a payment for mortgage to another loan?
Friday, June 12th, 2009ittytrex 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

