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if you pay additional funds each month to be applied toward…

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if you pay additional funds...
if you pay additional funds each month to be applied toward the principle of a mortgage loan, can you use those funds to make a mortgage payment? Citibank holds loan for Arizona property
Submitted: 7 years ago.Category: Real Estate Law
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Answered in 4 minutes by:
12/1/2010
Real Estate Lawyer: Ray, Lawyer replied 7 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 47,775
Experience: Texas Attorney for 30 years dealing in real estate
Verified
Thanks for your question.No if you say pay an extra $100 or whatever amount here and ask that it be credited to principle then they do just that.It reduces the balance of the loan but it is not counted as a payment.You can make a regular payment here--and it would do so.But by asking that it be applied to principal you can't come back say in six months and then ask to have it applied as a payment.It just doesn't work that way.Thats the down side here.You may pay principal way down but as long as you still owe payments you need to keep paying on time or they can still repossess.
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