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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Escrow's job is to prorate such items... Posted by Ward-CA- on June 23, 2002 at 4:28 AM In Reply to: pay off question posted by Gonzalo on June 20, 2002 at 1:06 PM : Mr. Ward, I bought a property subject to existing loan, broght the loan current, and have been making the payments, which are due every 1st of the month. I just found a buyer. This buyer will get a conventional loan for the price I am asking. We are about to close (on June 27)Question: since the mortgage payments are due on the 1st of every month, then when my buyer pays off my loan, who is paying for the month of July, since we supposed to close on the 27 of June? Would it come out of my proceeds? I would like the buyer to pay for the July mortgage payment. How do I do that? : Gonzalo ================== Gonzalo, I assume that you're using the services of a regular escrow since you state your buyer is getting a conventional loan. In that instance it's escrow's job to prorate all monthly payments and assessments fairly. So your escrow officer will make sure you are only making mortgage payments for the time you are the owner. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Mr. Ward, I bought a property subject to existing loan, broght the loan current, and have been making the payments, which are due every 1st of the month. I just found a buyer. This buyer will get a conventional loan for the price I am asking. We are about to close (on June 27)Question: since the mortgage payments are due on the 1st of every month, then when my buyer pays off my loan, who is paying for the month of July, since we supposed to close on the 27 of June? Would it come out of my proceeds? I would like the buyer to pay for the July mortgage payment. How do I do that? : : Gonzalo : ================== : Gonzalo, : I assume that you're using the services of a regular escrow since you state your buyer is getting a conventional loan. In that instance it's escrow's job to prorate all monthly payments and assessments fairly. : So your escrow officer will make sure you are only making mortgage payments for the time you are the owner. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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