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My lender is asking for a HUGE interest payment and escrow fees as part of my closing $$? Help!

I missed 3 mortgage payments leading up to the sale and I created an escrow account for my property taxes. However, shouldn't these fees be absorbed by the loan amount? Those two charges represent more than double what I anticipated for my closing costs as the seller.
  • June 28 2013 - Montclair
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Answers (1)

Profile picture for wetdawgs
Calculated loan pay off amounts assume that you are up to date on payments.  If you've skipped payments you will owe additional interest, principal and penalties etc that probably weren't part of the original calculations.  (Yes, three months added on to your costs could be a shock.)   If you  have equity in your home, you can cover those with some of the equity.  If you don't have equity, it will be money you'll need to bring to closing.

Good luck.

  • June 28 2013
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