This wasn't the agreement from the beginning, we did not apply for an interest only loan. At first they put the right amount to interest and the right amount to principal. We had to file bankruptcy, but got to keep our house. Since then they have applied 100% of our payments to interest, none to principal. Is this legal to do this or is it their own choice. Does the bankruptcy have anything to do with why they are doing this? At this rate, we will never get our house paid off. I would appreciate some info.Can Mortgage Companies apply your whole monthly payment to interest and zero to the principal?
Did you defer some payments? Were you late a few months? Are you completely current now?
If you really think you're being hosed, talk to your states Department of Real Estate. But chances are the bank is just recovering money they are due that you didn't pay them when you were supposed to.Can Mortgage Companies apply your whole monthly payment to interest and zero to the principal?
Wow. I've never heard of that. Have you talked to the mortgage company to see what they have to say? If you don't like the answers you get from them, then consider talking to a real estate attorney. Good luck.
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