Intrest due on demand

[bubblesatwork]

What is the name of your state? Ms

I finaced my house through a personal lender.....the actual lender passed away last year and now I send pmt to his son which by the way is not a very nice person.
This past March my daughter came down sick and I was unable to make my Mar and April pmts. I mailed my two pmts May 19.... with my May pmt being due on the 25th. I recieved a letter in the mail that stated I owed March April and May pmts plus $4000 in accumulated intrest due to late pmts. Is this legal? Why would I have to pay intrest when intrest is included in my late pmt.?

Need help fast!!

Originally Posted by bubblesatwork

What is the name of your state? Ms

I finaced my house through a personal lender.....the actual lender passed away last year and now I send pmt to his son which by the way is not a very nice person.
This past March my daughter came down sick and I was unable to make my Mar and April pmts. I mailed my two pmts May 19.... with my May pmt being due on the 25th. I recieved a letter in the mail that stated I owed March April and May pmts plus $4000 in accumulated intrest due to late pmts. Is this legal? Why would I have to pay intrest when intrest is included in my late pmt.?

Need help fast!!

My response:

Gee, I don't know!

Why don't you post your contract/mortgage/promissory note. That way we can tell you if it's contractually permissible. Also, the word is spelled "interest" - - not "intrest."

IAAL

[bubblesatwork]

The note is currently at my office, however when the father was in the hospital I did not make the pmt that month, when he passed the son mailed me a letter and just charged me a late fee of $75 .... I just don't understand how I would have to pay interest again since it is included in my house pmt.

I will post the note first thing in the morning.

[pojo2]

I was unable to make my Mar and April pmts. I mailed my two pmts May 19.... with my May pmt being due on the 25th. I recieved a letter in the mail that stated I owed March April and May pmts plus $4000 in accumulated intrest due to late pmts. Is this legal? Why would I have to pay intrest when intrest is included in my late pmt.?

Did you ask for a breakdown of how the interest was calculated? As stated without benefit of seeing every single form involved with this sales transaction we do not know what is legal and what is not as far as late charges and how the interest is calculated.

On a traditional mortgage you would be charged late penalties and your 3 months would probably not be accepted without the May payment as well. And you MIGHT even find you were in foreclosure right now.

It is all in the contracts.