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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28337
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Is it the lender or borrower legally responsible payments

Customer Question

Is it the lender or borrower legally responsible for tracking payments and balances and providing proof of loan?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 2 years ago.
Good evening. I certainly understand the situation and your concern. If there is a payment dispute, the borrower needs to present evidence showing a payment was made and cashed/received by the lender. For this to happen,. they can simply go to their bank and ask for a copy of the canceled check. As far as tracking payments, the lender keeps those logs and if there is a missed payment and they inform you of it, you would then need to show proof of payment. The balance is also kept by the lender, so you can always request a payoff or reinstatement amount and once again, if you think the number is ***** provide evidence to show what it should be and if payments were not applied. Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided
Expert:  RealEstateAnswer replied 2 years ago.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!