Mortgage Company Run Around?

dskyzers · Joined: 09 May 2007 Posts: 1 1.32 Dollars($)

I think my mortgage company is giving me the run around. I bought a mobile home in 1997. My loan amount was $51,345. It was at a 10% fixed interest rate. In the past 9 years I have push 3 payments to the back of the line. I asked my mortgage company to give me a copy of my past payments over the last 9 years. I have noticed that most months $0 has went to the principal. I thought that each month aleast a little bit of money went to the princial each month. It looks like only about $125 went to the prinicpal last year. As of today my loan balance is at $49,160.86. Is the correct?

miller_st · Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)

For a fixed rate mortgage a portion of your monthly mortgage payments goes towards reducing your principal balance, what is the total term of your mortgage?

Miller

colin · Posted: Wed May 09, 2007 5:04 pm Post subject:

Hi Dskyzers,

Please let us know if it is 30 or 15 yr. mortgage so that we can tell if the loan is amortizing correctly or not. There is an frm calculator at Mortgagefit which you can use to see the amortization schedule of your loan for its full term. This is the calculator : http://www.mortgagefit.com/calculators/simple.html

Colin

sara

Hi dskyzers,

Welcome to the forums.

First of all, go through the mortgage not and other loan documents and try to find out if your loan has an interest-only option. Otherwise, how is this possible that payment towards principal is only $125 in the previous year.

Apart from checking what your loan document states, you can also check out your payments till now using our FRM Amortization Calculator.

Take Care

blue · Posted: Fri May 11, 2007 2:28 pm Post subject:

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