Last payment question??

Author Message
Icon Mini Profile wsensinger





Joined: 04 Feb 2008

Posts: 2

1.65 Dollars($)
Post Posted: Mon Feb 04, 2008 4:12 pm    Post subject: Last payment question??
Like
Dislike

I am selling my current home at the end of Feb, i have my mortgage payment due on feb 15th...Should i make this payment??
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.68 Dollars($)
Post Posted: Mon Feb 04, 2008 4:22 pm    Post subject:
Like
Dislike

Hi wsensinger,

Welcome to the forum.

If you can sell the house before 15th of Feb. then I think you need not to pay but otherwise you should. Actually even after paying that monthly payment after selling the house what ever you will owe to the lender you will pay that amount - right.

Feel free to ask if you have any further questions.

Best of luck.
Larry
Icon Mini Profile wsensinger





Joined: 04 Feb 2008

Posts: 2

1.65 Dollars($)
Post Posted: Mon Feb 04, 2008 4:28 pm    Post subject:
Like
Dislike

well thats my point of the question, should i hold off on the payment and let the cash sit in the bank, im only 4 years into the loan, so it would mainly go to interest and not bringing the principle down. So im thinking i shouldnt pay, and then just reconcile to the bank at closing..?
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor



Joined: 16 Sep 2005

Posts: 1609
Location: MASSACHUSETTS
150.93 Dollars($)
Post Posted: Mon Feb 04, 2008 9:30 pm    Post subject: RE: making final payment
Like
Dislike

Hi wsensinger,

Welcome to forums.

This is something that you need to negotiate with the lender. Ideally, if you are paying after the payment date, it should be recorded as late payment. Your credit report will show the payment as being late. However, if you can talk to the lender and request him not to report it as late paymnet to the bureaus, then that will be fine.

Hope this helps...

God bless you.

Samantha

_________________
Know how to compare lenders with mortgage booklet
Icon Mini Profile jeffselan
jeffselan


best lender badge

Joined: 04 Feb 2008

Posts: 54
Location: West Virginia
18.44 Dollars($)
Post Posted: Tue Feb 05, 2008 4:26 am    Post subject: Well..
Like
Dislike

This is my personal opinion just from experience.

Make your payment on time. Why?

1) You obligated yourself to do so.

2) You really don't know until the closing papers are signed if the loan will close on time.

So, do the right thing. You will feel better about it.

_________________
Jeff Selan
Wells Fargo Home Mortgage
Hurricane, WV

www.jeffselan.com
Icon Mini Profile evolovik26
evolovik26
Community Expert
Community Expert

best lender badge

Joined: 15 Aug 2007

Posts: 537
Location: Minneapolis
28.93 Dollars($)
Post Posted: Tue Feb 05, 2008 7:32 am    Post subject:
Like
Dislike

Always make your payment on time if you overpay then you will get a check later but if something goes wrong you might end up having a late on your credit.
_________________
Eugene Volovik
Home Loan Consultant
Countrywide

612-481-3127
Conventional, FHA and Commercial Lending in 48 states
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post Posted: Tue Feb 05, 2008 7:47 am    Post subject:
Like
Dislike

jeff and eugene have the most sensible approach, with which i agree.

since the closing does not take place until it takes place, you have no control over when your lender receives payment in full.

always make the next payment due, no matter that you have a closing scheduled. there are too many things that could go wrong, causing a delay; and any delays would hamper your credit standing.

_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
Guest









Post Posted: Tue Feb 05, 2008 9:33 am    Post subject:
Like
Dislike

Great info, thanks everyone...its appreciated
Ask question
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message Body
All times are GMT - 7 Hours
Page 1 of 1

 
Delete this topic Move this topic Lock this topic Split this topic 

Page loaded in 0.387 seconds.