Quote:
Originally Posted by slapass
Lots of place don't take partial payments but out them in escrow. Check on that.
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Right, if it is not a full payment they put it into some kind of quasi pseudo "account" - it's referred to on the paperwork as an "account" - it doesn't even say what type of account it is. . But say your payment is $532. . If you pay $500 it goes into that "account" and is lost in space until you pay another $32
So now- the mortgage payments are all made- it is current 100%- and there is $190 "lost in space" so our next payment will be $3xx
Edit- Well, the next payment is still $532 but I only have to pay the $3xx in order to end up making a full payment since what is lost in space will then be applied to the note along with it