Posted on: 29th Jul, 2010 07:54 pm
My friend bought a house and closed in May. She made her first payment in July. Now her lending institution is claiming her next payment is not due until September. Her new lender just sent her a statement that claims she has monies in a suspense fund. The mortgage was purchased by a bank from a mortgage broker.
Hi gracie_moe,
As far as I know, a suspense balance is an amount being held in escrow account for the benefit of the borrower. As your friend has extra monies in her escrow account, the lender will adjust the mortgage payment for the month of August from that account.
Take care.
As far as I know, a suspense balance is an amount being held in escrow account for the benefit of the borrower. As your friend has extra monies in her escrow account, the lender will adjust the mortgage payment for the month of August from that account.
Take care.