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I just made the July payment earlier tonight. It is a late payment, but we have never missed a payment, we pay every month and they get their late fee as well.
Cindy,Thank you for your follow-up. Paying late does allow them to 'accelerate' the loan, meaning that the lender can use this as a means to justify possibly seeking foreclosure. It is highly unlikely that they will do so, simply because the costs of foreclosure are so high, but it is a possibility I should still mention. But to answer your question, they 'cannot' get away with it--you can demand, in writing, two numbers. You can demand a formal payoff amount for the whole loan, AND you can demand the amount that you are currently late by or how much you owe. It may be that the reason the numbers do not match is when they receive the payment from you (as those days can make a difference in a running balance), but you can, for example, ask them to give you a number that you would owe on the 20th of August, for example, if nothing changes. This will give you a means of figuring out the baseline, and then making proper payments. It will also allow you to place on the check the exact instructions as to where these funds are supposed to go.Good luck.
I am thinking that since we are on the down hill slope and they will not be getting interest as much on this end, they don't care if we went elsewhere. I don't want to go through it all again. I just want to pay it off. I will probably try to borrow enough to pay it earlier this month and they just won't get any extra from me at all--they will get less money every month--doesn't make much sense to me on their part. Unless they find other ways to harass us til we go away and find another lender. Thanks for your reply
Cindy,Thank you for your follow-up. You may be right, but the issue here is since they have a contractual obligation to you, you likewise have a right to hold them to the contractual obligation and request that they formally provide you with a calculation of what it is you allegedly owe. So whether or not they care or they do not care, failure to work with you may be deemed a breach of terms, for which you can seek possibly legal recourse.Good luck.
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