Answers about Mortgage Payments and Late Payments
Select from the following questions about mortgage payments, principle, and late fees.
- My monthly mortgage payment is $500 (principal and interest). I sent a payment of $1,000 with the intent of applying the surplus to the principal, but the bank applied the entire surplus to the interest. Can it do this?
- I mailed my mortgage payment before the due date. But the bank received it one day after the due date, and I was charged a late fee. Can it do this?
- I am three monthly payments behind on my mortgage loan. I tried to make one payment, but the bank is demanding all three payments to bring the mortgage current. Is this legal?