Posted on: 26th Jun, 2010 12:42 pm
Monthly payments of $72.42 are due on the first of every calendar month. Annual interest is 9%, with " Annual Interest Rate on Matured, Unpaid Amounts: 18%.
The last payment received was on December 1st, 2009.
No payments have been received since.
Please tell me the method used to calculate and what will be due on July 2, 2010.
I would like to learn how to calculate this, so I can do it myself in the future. Is it done differently in different States? Thanks for your replies.
The last payment received was on December 1st, 2009.
No payments have been received since.
Please tell me the method used to calculate and what will be due on July 2, 2010.
I would like to learn how to calculate this, so I can do it myself in the future. Is it done differently in different States? Thanks for your replies.
The best way to do is to call your lender to find out what you really owe. Once you do that, you can get a break down of the total due on your account.
But to figure it out your self.
You would need to know if you are on a fixed or adjustable rate mortgage, meaning are your payments fixed or not and at what amount.
Find out if you owe on negative escrow, meaning do you own on back property taxes, and/or property insurance. If you owe or owed on escrow your mortgage company may have paid them and increased your house payments to get them back.
Find out of you have been in foreclosure, which will typically occur after you are 3 month past due with your mortgage. If you entered foreclosure you will be assessed attorney fees and cost.
You will also get last charges, plus any unpaid balances from the past such as unpaid attorney fees and costs from going into foreclosure in the past, property inspection fees for being late, drive by inspection fees, broker price opinion fee for property assessments from attempts at getting a loan modification, short sale or a deed in lieu of foreclose from the past.
There are a lot of things that may or may not be in your total due when your are trying to pay off all that you owe with your mortgage company. Just ask what you own and question the charges if you are not satisfied because honestly there can be many charges associated with your past due account. Each case can be different.
But to figure it out your self.
You would need to know if you are on a fixed or adjustable rate mortgage, meaning are your payments fixed or not and at what amount.
Find out if you owe on negative escrow, meaning do you own on back property taxes, and/or property insurance. If you owe or owed on escrow your mortgage company may have paid them and increased your house payments to get them back.
Find out of you have been in foreclosure, which will typically occur after you are 3 month past due with your mortgage. If you entered foreclosure you will be assessed attorney fees and cost.
You will also get last charges, plus any unpaid balances from the past such as unpaid attorney fees and costs from going into foreclosure in the past, property inspection fees for being late, drive by inspection fees, broker price opinion fee for property assessments from attempts at getting a loan modification, short sale or a deed in lieu of foreclose from the past.
There are a lot of things that may or may not be in your total due when your are trying to pay off all that you owe with your mortgage company. Just ask what you own and question the charges if you are not satisfied because honestly there can be many charges associated with your past due account. Each case can be different.