 Sam
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Joined: 21 May 2005
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Location: CALIFORNIA
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 Posted: Fri Apr 09, 2004 3:29 am Post subject: Partial Payment |
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Partial Payment is a loan payment that is not enough to cover the scheduled monthly payments of principal and interest on a mortgage. It also includes late fees and charges paid in advance by the lender on behalf of the borrower.
Generally, a lender does not accept partial payment but the borrower can make a request if he is going through some hardship due to disability or unemployment.
While negotiating with the lender so that he allows for partial payments, the borrower should submit an application and explain his situation. The borrower should also get a written response from the creditor, so that he can send it to the credit bureaus. |
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