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A co-worker told me her mortgage was sold to Bank of America and that they

A co-worker told me her mortgage was sold to Bank of America and that they will not allow her to pay extra principle unless the amount equals a full payment (meaning if her mortgage payment is $1100.00 she would have to send $2200.00) - they actually returned $300 that she had sent as extra principle. Are they legally allowed to do that?

Asked on 6:16 am Nov 12th 2011

Anonymous

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Welcome Guest,

The lender can return the payment if the borrower is not following what the lender is saying. I don't think there is anything illegal in this. Nevertheless, it will be better if she could negotiate with her lender and convince him to give her a better payment plan to pay off the loan. This will make things easier for her.

Answered on 11:18 pm Nov 14th 2011

adonis

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