Posted by MarkB_MI on October 08, 2015 at 18:05:34 from (70.194.5.199):
A couple of months ago I decided to pay off about half the principal on one of our rentals. The payment coupon didn't have a place to specify how the overpayment was to be applied, so I assumed all of the overpayment would go against the principal.
Coincidentally about this time the mortgage company stops sending monthly statements and sends us a bunch of payment coupons. I didn't like this, since we can't see what's going on, so I requested them to switch me back to monthly statements. When I opened my first statement I got a shock: the attached coupon was for December! Then when I looked closer, I saw that the mortgage company had pulled a fast one.
Instead of simply applying the full overpayment against the principal, they took two additional payments out and treated them as monthly payments made in advance. So about $300 went into escrow, even though there was already plenty of money in the escrow account. And they charged about $400 in interest, even though no interest actually accrued! Not only that, but because they charged interest on the principal PRIOR to the prepayment, they got about double the interest which would have been due HAD any interest accrued.
I just sent them a nasty letter telling them to make it right. I was really surprised they tried to pull a fast one, but apparently this is a pretty common scam. Be very careful to check your mortgage statements if you make a pre-payment. It seems most people don't.
Upload one or more videos to your post. Photo filesizes should be less than 300K and Videos, less than 2MB. Formats allowed are gif, jpg, png, ogg, mp4, mov, and avi. Be sure to use filenames without spaces or special characters, and filetypes of 3 digits lower case.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
