My mother has this property she has been paying on since 2003, her payments on the contract state $426.86 she has always paid more $509.34. Well she couldn't make payments for about 6 months due to medical reasons but kept in touch with person she wa ...

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Question: 

My mother has this property she has been paying on since 2003, her payments on the contract state $426.86 she has always paid more $509.34. Well she couldn't make payments for about 6 months due to medical reasons but kept in touch with person she was paying. Now that she is able to start paying her she wants the past due in full. I thought since she had paid extra into to principle she was considered ahead in payments? Now she is wants copies of payments since she started in 2003, and banks don't go that far back I've called and tried to get copies of cancelled checks. Can the lady she is making payments to do this?

Selected Answer: 

You should read the loan

You should read the loan documents, usually there is language that addresses how 'extra' payment is handled. In many loans the amount is used to reduce the principal on the loan, but does not relieve future obligations to make regular minimum payments. Further, the loan documents should also cover what happens in the event of failure to pay, and potentially may include an acceleration clause.

With respect to the record keeping, you should probably check with what the lender currently believes the outstanding principal is and compare it to your calculation of the principal. If there is a discrepancy, then you can produce your records of payments to support your assertion of the current outstanding principal and request the lender to support their position of outstanding principal.

All Comments

You should read the loan

You should read the loan documents, usually there is language that addresses how 'extra' payment is handled. In many loans the amount is used to reduce the principal on the loan, but does not relieve future obligations to make regular minimum payments. Further, the loan documents should also cover what happens in the event of failure to pay, and potentially may include an acceleration clause.

With respect to the record keeping, you should probably check with what the lender currently believes the outstanding principal is and compare it to your calculation of the principal. If there is a discrepancy, then you can produce your records of payments to support your assertion of the current outstanding principal and request the lender to support their position of outstanding principal.

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