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10-24-2005, 11:59 AM
| | Member | | Join Date: Aug 2005
Posts: 54
| | | Re: refinancing
Sorry, we are both in a 2nd marriage, and kept getting legal notices to pay from doctors and hospitals from his ex-wife. His wages began getting garnished one after another even though we had court documents stating SHE was liable for her own bills. After the 3rd court papers came for us to pay HER bills, our attorney suggested we file bankruptcy, she's a hypochrondriac and at the emergency room or her doctor constantly... none of us could ever guess how long this would go on.
That was 3 years ago, so it has an effect on refinancing for us.
Last edited by LeGaSu; 10-24-2005 at 12:02 PM.
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10-24-2005, 12:01 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by LeGaSu We were told we needed to wait 2 yrs. in order to refinance and get a good deal. |
**A: there may be a 2 year prepayment penalty. |
10-24-2005, 12:04 PM
| | Member | | Join Date: Aug 2005
Posts: 54
| | | Yes, there is a prepayment penalty
You're correct. |
10-25-2005, 11:37 PM
| | Member | | Join Date: Oct 2005 Location: Colorado
Posts: 74
| | | Just Wondering
I do not know the answer to this question, so I would appreciate knowing this information, along with the original poster. If it works better for you to pay bi-monthly rather than once a month, what would happen if you tapped into your reserves and got ahead by 1 month or 1/2 month? I was just wondinring if a person did this, so that paying in 2 week increments did not make the second half late, would the lender let you pay on the 15th of this month for the first half of enxt month's payment and then pay the second half on the 1st, when it is actually due in full? If this were a possibility, it would eliminate late charges, keep your credit in good standing, and make it possible for you to pay 1/2 out of each paycheck, rather than all at once.
Just an idea. Do any of you who are familiar with mortgage lending know if this might work for her? |
10-26-2005, 02:33 PM
| | Member | | Join Date: Mar 2002
Posts: 218
| | Quote: |
do not know the answer to this question, so I would appreciate knowing this information, along with the original poster. If it works better for you to pay bi-monthly rather than once a month, what would happen if you tapped into your reserves and got ahead by 1 month or 1/2 month? I was just wondinring if a person did this, so that paying in 2 week increments did not make the second half late, would the lender let you pay on the 15th of this month for the first half of enxt month's payment and then pay the second half on the 1st, when it is actually due in full? If this were a possibility, it would eliminate late charges, keep your credit in good standing, and make it possible for you to pay 1/2 out of each paycheck, rather than all at once.
| No it wouldn't. The only thing the lender will accept is the full payment. They do not accept partial payments ever, unless you are signed up for the bit-monthly payment plan of if the partial payment is being applied to principle or an escrow shortage.
She can do what you are suggesting on her own. Get a 1/2 month ahead, but keep the funds in a bank account until the next 1/2 payment is there then make the full payment when it's due. This is called budgeting.  | |
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