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What are forbearance suspense and principal curtailment?

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diana10 Guest	Posted: Wed Sep 24, 2008 2:07 pm    Post subject: What are forbearance suspense and principal curtailment? Like 0 Dislike 0 what is forberance suspense and prinicpal curtailment? I keeping sending my payment within the grace period sometimes before the 1st due date, I send extra prinicpal and whatever the amount they charge either one of those two, and my extra $$ is not applied to the prinicpal. So what gives if I send extra. I feel and see that its useless money really going down the drain. I dont understand it. Diana _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Sep 24, 2008 8:03 pm    Post subject: Like 0 Dislike 0 Hi Diana! Welcome to the Forums! Forbearance Suspense Amount means any payment amounts which are not yet applied to principal, interest, or to the escrow. The funds will be remaining in a Forbearance Suspense Account unless they are properly designated. Principal curtailment is considered to be an additional payment which is paid directly against your loan's principal balance. So the extra amount which is not applied to the principal is your forbearance suspense amount and is kept in your forbearance suspense account. Feel free to ask if you have further queries. Sussane
Susanne Guest	Posted: Fri Sep 26, 2008 2:06 am    Post subject: Like 0 Dislike 0 Hi Diana! That amount which is not applies to interest, principal or escrow is known as Forbearance Suspense amount. Your extra amount is deposited in the forbearance suspense account.
gguanlao Guest	Posted: Fri Nov 05, 2010 2:33 pm    Post subject: Suspense Adjustment Like 0 Dislike 0 What is suspense adjustment?
Guest	Posted: Fri Nov 05, 2010 9:52 pm    Post subject: Like 0 Dislike 0 As far as I know, it might be distribution of money from your suspense account. You should contact your lender and he will be able to explain it to you in a better way.
Lilly Guest	Posted: Sat Jun 04, 2011 9:40 am    Post subject: Like 0 Dislike 0 can interest compound on a loan that has a fixed rate?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Jun 05, 2011 10:24 pm    Post subject: Like 0 Dislike 0 Hi Lilly! Welcome to forums! Your query has been replied to in the given page: http://www.mortgagefit.com/loantalk/compoundinterest-frm.html Please take a look at it. I hope it will help you. Sussane
mary073005 Guest	Posted: Thu Jun 30, 2011 8:00 pm    Post subject: special forbearance Like 0 Dislike 0 Hi, i recently got a letter saying i was aproved for a special forbearance. I will be making a payment amount for less then my regular montly mortgage for 6 months. they told me the money will go into a suspense account. Why they do that? They told me that if my loan gets a modification that money will be added to my loan but what happens if i dont get a loan modification? What happens to the money?
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Thu Jun 30, 2011 11:19 pm    Post subject: Like 0 Dislike 0 Hi mary, If you don't get a loan modification, then you will use the money in order to recover the past due payments. Thanks

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