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It sounds like Noah tried to "prepay principle" for the following few months, then skip a few payments, then continue on a normal schedule.
The complication: Are those overpayment applied to the months following, or at the end of the payment schedule(shortening 30 years to 22 years)?
This is where the million page contract, and million page national banking laws come into play.
Altering the payment schedules could also allow the banks to f'k the homeowner with undisclosed additional compounding penalties and interest.
Common problem for millions.
Best to write two,2, mortgage checks.
One check for specified months of principle(depositing possibly being legal acceptance of conditions), and then another check for the tax-deductible interest.
Sum up the total payments by the year. K.I.S.S.
Last edited by john70t; 06-11-2012 at 07:22 AM..
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