Legal Question in Real Estate Law in New York

Re: Problem with Mortgage Lender

Probably not..read yor mortgage document...I know, it is long and boring, but maybe they are wrong. I assume not. I surmise that they will only accept a partial payment as against principal only on top of the regular mortgage payment.

Perhaps you might be better off to wait until have have all of the money, even if there will be a late charge...but don't get trapped into that cycle, or else you will always be late and that will affect your credit.

Good Luck.

RRG

Re: Problem with Mortgage Lender

I have the impression you are behind on your mortgage and trying your best to catch up. The Bank is protecting themselves by not accepting a partial pymt.

If they accept partial payments they may be waiving their right to start foreclosure proceedings.

If you get to far behind they will call the entire loan in and not accept any payments except a full pay off of the loan.

If you are in financial trouble you probably should try and sell the property before you lose it or incur further late and legal fees..