World's Largest Mortgage Community

What is a Miss-A-Payment Option?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Sam Site Admin Joined: 21 May 2005 Posts: 289 Location: CALIFORNIA 121.27 Dollars($)	Posted: Sun Apr 04, 2004 5:55 am    Post subject: What is a Miss-A-Payment Option? Miss-A-Payment Option is an option which states that if Prepayments or additional payments have been made on the mortgage, one or more than one of the scheduled mortgage payments of principal and interest may be missed. It should not exceed the amount prepaid or additional mortgage payments made. For example, The monthly mortgage payment amount for Smith is $1,000. In the month of January, he pays $4,000; thus he has made a prepayment of $3000 in January. Now he can miss his monthly payments till this $3,000 is covered up, so he skips the payment for the months of February, March, and April.

Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0