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Answers (8)
- Clay Branch, "Georgia Loans"
- Contributions:7836
Add the late fee to the full payment since it will be after the 15th when payment is made.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
Most likely the seller of the mortgage reduced the full price that BofA would have paid for the mortgage by what you were supposed to pay them. They have to pay FHA your monthly MIP for the month as well. If your concerned about the amount that is paid towards escrow in your payment I'd check with BofA and see what they show as your current escrow balance. Did they prefund the escrow what your were going to pay them or does the balance just reflect what was collected at closing?
- Chris Corica, "Chris Corica"
- Contributions:1075
Unfortunately lenders selling loans before the first payment is due seems to be more common these days. The good news is the terms of the loan do NOT change when this happens. Clay is right on with this one. A simple review of the note will tell you the day the first payment was due. You can also review the HUD and based on the closing date and the "odd days interest" typically line 901, you can determine the first day that way as well. Unless there is a major error in the paperwork, these two dates will match. Best of luck!
- Clay Branch, "Georgia Loans"
- Contributions:7836
Unless you paid 40 days of prepaid interest at closing ( highly doubt that, you probably paid 9 days), then you owe a payment for 2/1 and it sounds like to the original lender. The 2/1 payment IS for January interest because a mortgage payment pays interest in arrears unlike a rent payment paying forward. Then, the 3/1 payment would go to B of A, just my interpretation of what you described.
- Christine McDaniel, "Christine McDaniel"
- Contributions:414
A free consultation with an attorney would best answer your question.
- Dan, "the_country_hick"
- Contributions:4699
What day did you close on? 2-1-11?
- mrs peach
- Contributions:3
Thank you for answering, Andy! There was a closing atty involved, but he didn't peruse the final papers before we signed, as were on a serious clock. . The closing date was 12/23/10, and we were advised that 1st pmt was to be 3/1/11 owing to the late date in December. We thought we paid all parties, and since the loan was sold before closing we later assumed that the purchasing lender had the right of our payment. The 1st lender told us today that they were only looking for interest payment for January 2011, since BOA had purchased our loan for less than the original amount.BUT the pmt coupon they sent included principal and escrow. It's really fishy, we have not trusted them from the get-go, and we are wondering if we are being scammed. The realtor/mtg broker we used talked us into an FHA loan, and the process was hard to follow. We just don't think what is happening now is legit.
- Andy Matejka, "tejks"
- Contributions:352
Was there a Closing Attorney involved at all? They often help in understanding the transaction for all parties involved but I don't know much about NY so I am not going to be much specific help to you but i'll try.
What day was the Closing when you purchased the property?
I would recommend reading all the paperwork in the contracts. Typically when you close your loan, you are borrowing enough to pay all parties involved and you will not have a payment due for 30-60 days depending on closing date and amount of pre-paid interest among other things.
What day was the Closing when you purchased the property?
I would recommend reading all the paperwork in the contracts. Typically when you close your loan, you are borrowing enough to pay all parties involved and you will not have a payment due for 30-60 days depending on closing date and amount of pre-paid interest among other things.
Mortgage sold prior to closing - 1st lender wants mortgage payment. We're confused.
Day of closing, mtg packet arrived 1/2 hour after appointed time. We flew through it, to accomodate our sellers who were late for their other closing, WE did not take enough notes. At closing we were advised 1st pmt would be due 3/1/11. Afterwards, we found in the papers, we had 1) a paper telling us mtg was ALREADY sold to BOA and they were taking over as of 2/1/11 and, 2) the Note saying we would pay the original lender the $$ we borrowed, as of 2/1/11. Conflicting info. Mid January we had a letter from 1st lender with a pmt coupon, saying we should pay our first mtg pmt by 2/1/11 to THEM, and that IF our mtg was sold they would advise us. I called 1st lender and left messages, with no call back. I called BOA and was advised that we owed 1st lender no monies and our pmt to BOA was due 3/1/11. No reply from 1st lender, so did not send pmt. NOW, 1st lender and the real estate/mtg broker we used are making threatening calls, all in a 2 hour time frame. We were told that BOA bought our loan for less than the amount, so 1st lender wants interest only for January. However, the pmt coupon we got in the mail in January details interest, principal and tax escrow. And they still have not "advised" us that our loan has been transferred to BOA. I called BOA for any info they might have, and was told that they HAD purchased loan for less than the original amount, BUT, (she) had never heard of a 1st lender demanding pmt after the loan sale. We are confused, but also peeved beyond description, and feel that the 1st lender and the broker are fishing for cash. We knew we should have dumped them both part way through the process, but were in too deep to take a chance. Question, please: Does this sound kosher? If not, where do we go for help? Thank you in advance for any help offered.
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