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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 11391
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Can I bank take your Mortgage payment and apply the payment

Customer Question

Can I bank take your Mortgage payment and apply the payment to clear up the late fees and not to your reg payment and in turn making you pay the month again.
Submitted: 1 year ago.
Category: Finance
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
apply payment to late fees and not mortgage payment
Expert:  Lane replied 1 year ago.

Hi - I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University’s Stetson School of Business and Economics, as well as CFP® and CRPS designations. - I can help here

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So sorry, but it POSSIBLE, the answer will come in looking very closely at your loan agreement...Disputes over the payment terms and escrow terms of mortgage loans can usually be resolved simply by a close and reflective reading of the loan documents.

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That's the first place you need to go here... What I HOPE you'll find is that it includes language like this (from the standard HUD mortgage document that is very similar from state to state - I'll underline the pertinent part)

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"Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note."

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If SO, you have them ... call and threaten to sue

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But again it all turns on the actual contract you signed (the loan agreement)

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Please let me know if you have questions