Morgage Payoff Statements - Help!

[jes176]

sylmar, california
my mortgage has gone through 3 mortgage companies. the latest one says that they can only track payments from the day they took over the loan which was in 2000. i have been paying on this loan for over 7 years. how can they give me an honest pay off amount with out looking at the full seven years? i have paid over $45,000 and they say i would only have paid off $5,000 of the principal if i paid the full amount today. this just does not sound right. is this legal? do i have any legal recourse? if so can the mortgage company foreclose on me at any time if i do have a legal right to pursue?

help!

Jesse

 

[HomeGuru]

When the new co. took over they should have kept the same current loan balance from the previous company.

Anyway you can prove you paid because you have your cancelled checks, debit statements and cash receipts right?

 

[jes176]

Homeguru, yes. I am under the assumption that for the first couple of years of the loan we are paying on the intrest for the life of the loan. Then the money starts to go to the principal. If the loan is paid off early the intrest paid for the life of the loan upfront would be calcualted into the principal. If they don't have a complete history of the payments made how can they calculate the intrest paid for the life of the loan into the principal to give me an honest pay off amount. Am I missing someting here?