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Law Pro
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Category: Real Estate Law
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Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
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i have a bond for deed for land im purchasing. my land note

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i have a bond for deed for land i'm purchasing. my land note is 408.35 a month, with noprepayment penalties. the Grantor has a morgage on the land, her payment is 446.00 a month to a finance company. 4 months after said instrument was in effect, the Grantor was incarcersated. the finance company forced to pay her note(446.00). said amount put me in the postion of having to pay an additional 37.65 per month for length of her incarcerated of 36 months. Can i legally apply this forced overage(1,355.40)towards present payments due?

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The additional monies you would be paying would go towards the principal amount owed (thereby reducing the length of the loan).

Yes, if you make the additional payment of $37.65 per month for length of her

incarcerated of 36 months - that monthly additional amount would go towards payment of the principal thereby reducing the time or length of the loan.




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