Posted by JD Seller on October 08, 2015 at 19:16:35 from (208.126.198.123):
In Reply to: Mortgage company scam posted by MarkB_MI on October 08, 2015 at 18:05:34:
I think the rules on mortgage payments are federally controlled. I was under the impression that any pre-payments had to go to principle or at least the last payments owed. Meaning the over payment did not lower the current payment or even allow you to stop payments but went to the end to shorten the term. This would also lower the interest amount owed too. I would get out the original mortgage documents and see what they say. They are required to spell out how pre-payments are handled. Then the current holder of the note/mortgage has to honor what is spelled out in that document unless you have signed an amendment to that mortgage document.
I had a similar thing happen years ago when a local bank was bought out by a regional bank. We always paid a payment every two weeks when I got paid. In effect double paying the note. In the original note/mortgage paperwork any overage was applied directly to the principle. The new owner/bank wanted to just pay payments on the back side of the note. In effect not lowering the principle amount. I showed the "new" loan officer the original paperwork. They quickly complied to those terms. I do not think there was any intention of wrong doing in my case. It was just a different note/mortgage than they issued.
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