InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: wise or not wise Posted by Rick Harmon on December 11, 2003 at 7:46 AM In Reply to: wise or not wise posted by gcastro on December 10, 2003 at 8:10 PM : I am waiting for escrow to close on the sale of my property. The problem is that the escrow company is taking more time than I tought. It was supposed to close today December 9th, but it didn't. Escrow will close in about one more week. My dilema is weather I should make my mortgage payment (which I bought subject-to) or not. What I mean is: Would I be saving money by not sending the mortgage payment since we are so close to closing and wait a week until it closes? Or should I make the payment to avoid being late. The loan has been in place for 3 years and it is a 30 year loan,so most of the money I send would go to pay towards the interest. Is it financialy smart not to send the payment? ================================================== You don't say what the cost(s) or damages will be if you don't make the 12/1/03 payment. Also, what would happen if you don't make the payment and escrow if delayed beyond the one week you are anticipating. Since I'm essentially a lender first, buyer second, I advise people to make the payments on time. Everyone sleeps better. To make sure that the lender properly credits YOU and not the original trustor, why not make this month's payment thru the escrow. This way, both lender and escrow know payments been made AND who made it. Hope this help Rick Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am waiting for escrow to close on the sale of my property. The problem is that the escrow company is taking more time than I tought. It was supposed to close today December 9th, but it didn't. Escrow will close in about one more week. My dilema is weather I should make my mortgage payment (which I bought subject-to) or not. What I mean is: Would I be saving money by not sending the mortgage payment since we are so close to closing and wait a week until it closes? Or should I make the payment to avoid being late. The loan has been in place for 3 years and it is a 30 year loan,so most of the money I send would go to pay towards the interest. Is it financialy smart not to send the payment? : ================================================== : You don't say what the cost(s) or damages will be if you don't make the 12/1/03 payment. Also, what would happen if you don't make the payment and escrow if delayed beyond the one week you are anticipating. : Since I'm essentially a lender first, buyer second, I advise people to make the payments on time. Everyone sleeps better. To make sure that the lender properly credits YOU and not the original trustor, why not make this month's payment thru the escrow. This way, both lender and escrow know payments been made AND who made it. : Hope this help : Rick 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455