Posted on: 03rd Apr, 2010 03:53 am
Bought a owner financed home in 2007.
$30,000, at 8percent, for 10 years.
We'd like to put more in our monthly payment, but don't want to confuse the man we make the payment too. Do I need to go to a lawyer for this? There is no prepayment penalty. Any advice would be appreciated!
$30,000, at 8percent, for 10 years.
We'd like to put more in our monthly payment, but don't want to confuse the man we make the payment too. Do I need to go to a lawyer for this? There is no prepayment penalty. Any advice would be appreciated!
I don't think paying off more towards your monthly mortgage payments would confuse the seller. You should speak to him and check out if he is ready to accept the payments, then you can go ahead with the deal. You can make a new agreement with him regarding the higher payments. For this new agreement, you can consult an attorney.
Thank you for the advice. I appreciate it!