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What is a Miss-A-Payment Option?

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Sam Site Admin Joined: 21 May 2005 Posts: 281 Location: CALIFORNIA 117.49 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.

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