Legal Question in Real Estate Law in Indiana

Re: What is considered ''Usuary'' when applied to Mortgaged Pa;yments?

You first need to look at your amortization table for the mortgage to see how far your principal should be paid down to. Also, if your taxes and insurance are included in the payment of $727, then not all of that payment goes to principal and interest. If you do not pay the late fees charged, then your mortgage will state whether these amounts are added back to principal. The mortgage company may not be overcharging you, but based on the facts provided, I am unable to determine that this has happened.

Re: What is considered ''Usuary'' when applied to Mortgaged Pa;yments?

You are right to think you are being gouged. But it is probably legal. Interert on an $88,000 mortgage, at 8% per year, is almost $600 a month. If your payment includes escrow money for taxes and insurance, you can see that not very much is left over to reduce your principal balance. "Usury" cannot be defined without knowing more - like who the lender is: "regulated" institutions are allowed to charge more interest than a private person (private person limited to 10%). If the late charge you discussed is disclosed in your loan documents, then you are probably stuck. The right way to think about this is: be on time to be out of time. People and companies who lend money are serious about money. If you borrow money, then you have to be just as serious as they are. If you desire to be late on a mortgage payment, then be willing to pay the price. That's a sentiment from Ralph Waldo Emerson - 'take what thou desirest, O discontented man, and pay the price.'