Should I pay my mortgage? - Posted by Mike

Real Estate Investing
1

Posted by MoniqueUSA on February 27, 2003 at 14:04:43:

Mike,

You not required to pay the mortgage payment because the payoff will include the fact that the April 8 payment has not been made.

However, I recommend that you pay your April 8 payment. Why?

  • You avoid the late fees (which typically kick in after 15 days of being late)
  • If your closing is delayed at all past April 28, you don’t want to slip into a 30-day late situation and have that show up on your credit report
  • The payoff will reflect the fact that you made the April 8 payment (as long as your mortgage broker requests it after it posts)

MoniqueUSA

2

Should I pay my mortgage? - Posted by Mike

Posted by Mike on February 27, 2003 at 13:33:48:

My wife and I have sold our house. Our closing is April 28th. We have located another house, a fixer-upper, and we are closing on that house on April 29th. Do we pay the April mortgage (due April 8th) on our old house or just include that in the closing?

3

Re: Should I pay my mortgage? - Posted by TomC (Md)

Posted by TomC (Md) on February 27, 2003 at 16:17:33:

Hi Mike,

Yes, you should make your payment. The payment due in April is for the period March 1-31.

The title/closing company will obtain final payoff numbers from your lender the eday of closing, so your most recent payment will be accounted for.

TomC