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02-18-2010, 03:31 AM
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I have a 360 months $80k mortgage loan with Bank
of America. I have about 340 months payments left? My grandma died and I inherited $20k. Can I pay $20k towards the mortgage and have BOA re-adjust my mortgage payments to a 340 month pace? What is that process called? What do I tell the Loan Officer?
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02-18-2010, 03:34 AM
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You can do that. But, Bank of America will royally rip you off if you do so. First, they will make sure you end up paying an inheritance tax on the money if you havent already paid it. They really dont like when you pay the mortgage down. Second, they will try to apply the 20k towards interest on not principle. You must have in writing that you want it applied towards principle. Third, Bank of America will charge fees up the butt to restructure your loan. You will end up paying about 25% or $5,000 in fees. The process is called refinancing. You tell the loan officer you want to pay down $20k on principle. He will draft the documents, fax them to you, you sign them.
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02-18-2010, 03:36 AM
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Hello,I saw your question I have decided to help people outdue to the fact that I myself have been scammed threetimes by three lenders in my search for a loan but atlast I got a reliable lender. That gave me the loan($120,000.00) that I was in dire need off. Hence Idecided that I will refer anybody I come across to thisGod sent lender he is reliable and his terms are fair.You can reach him via his email address:euroloanservice01@live.com, Please tell him thatStella Anderson from.U.S.A ask you to come ok.God be with you
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02-18-2010, 02:38 PM
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YOu need to check that there are no early redemption charges and also that it us possible for the payment to be set off against the capital and not just taken as payments up front. I would get some financial advice however as you may be able to invest your capital in some other way - need to weigh up how much interest is charged on the loan etc.
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