Legal Question in Real Estate Law in Illinois

Mistake on Mortgage terms
Hi, I bought a home in Dec.1986 for $90,000, it was a bi-weekly mortgage, ARM 9.75% Conventional. Ive been paying bi-weekly on this mortgage for 16 years, yet the bank has our payoff date listed for the year 2018 ? We took the bi-weekly because we were told this would pay it off years earlier, even though its a 30 year mortgage. We have been making a payment every two weeks for 16 years. The loan was for $90,000 and after 16 years, the principal is still at $62,000 with another 14 years to go. Does this sound right to you ? I think the bank made some kind of error in their figures or calculations. Please let me know what you think could be wrong. Thank You, Michael

Asked on 2/10/04, 12:00 pm

Charles Dobra Charles Wm. Dobra, Ltd.

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Re: Mistake on Mortgage terms

It does sound like you have a computation problem, and that you need professional help. In what county is this real property located in?

Answered on 2/10/04, 6:21 pm

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