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Principal Isn't Reduced |
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Dear Ms. Lank: Every month I send extra money with my mortgage payment, to be applied to the balance so it will be paid off earlier. Every six months or so I find that rather than do that, my mortgage company continues to apply it towards future payments due. (According to them I'm paid up until October.) I've called and had them correct this twice but it just keeps happening. What can I do except keep calling? |
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Has the lender made any suggestions about how to cure the problem? Do you send the extra money on a separate check, marked "To be applied entirely to principal"? If you do that and you're still having problems, take the matter to the state agency that regulates mortgages, in both states if the lender is located elsewhere. And send copies of your letters to the president of the mortgage company. A librarian can help find the addresses you need |
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Edith
Originally published on June 13, 2005 |
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