Can I take that out of my next month's mortgage? Or can you not do that? I know it's only a hundred bucks but I'm trying to save money really badly.
2007-01-11 01:57:46 · 9 answers · asked by Atousa 3 in Business & Finance ➔ Renting & Real Estate
Your extra payment went to one of two places.
1. Extra principal payment (you will not get it back) as it has been applied to your principal balance.
2. Escrow. You might petition to get it back, but that will take time. Most likely, you will receive a check at the end of the year when they reconcile the escrow account and show too high of a balance.
You must make the full payment next month. Do not short them the payment unless directed by the company. Otherwise you will be in default until you cover the difference.
Also, you will receive a quarterly statement that shows where the extra money went.
2007-01-11 02:05:36 · answer #1 · answered by David 3 · 1⤊ 0⤋
Call your mortgage company. Unless you include a note with your check, they will normally apply any overpayment to your impound (escrow) account for taxes and insurance. In that case they might let you "short" the next month's payment though you must get their approval first. If they applied the excess to your principal (mine does because I don't have an impound account) you won't be able to short the next month's payment, but you DID just knock a few months off your loan's term.
2007-01-11 10:27:02 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
call the mortgage company ask them if the $100 was applied to the interest or principal. Over payment is NOT a bad thing, call, explain see what happens.
2007-01-11 10:21:05 · answer #3 · answered by sylviavnpttn 5 · 1⤊ 0⤋
It depends on how it was applied.
usually a mortgage co applies it to your principal balance, and so the total amount you owned simply goes down and your payment stays the same.
Sometimes, its applied to INTEREST, which would effectively lower your next payment by that amount. call and ask.
2007-01-11 11:09:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Tell your mortgage company to apply it to your principal. Your interest will reduce by more than $100 in the long run.
2007-01-11 12:00:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Call the lender and tell them that last month you overpaid and ask if it is okay to short that amount from the next months payment
2007-01-11 10:13:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I don't think you can- the morgage company will credit you directly to your principal amount though-call the morgage company and ask- don't just send less. They might credit you if you make arrangements over the phone now-so its in your file. Don't hope for much though-sorry!
2007-01-11 10:03:59 · answer #7 · answered by ARTmom 7 · 2⤊ 0⤋
You have to call and ask them - most likely they will say no. Just underpaying is a risky business and you may end up technically in default.
2007-01-11 11:36:55 · answer #8 · answered by lozatron 3 · 0⤊ 0⤋
call them.... and ask... you are asking the wrong group.....
2007-01-11 10:03:33 · answer #9 · answered by Anonymous · 0⤊ 1⤋