Re: I'm somewhat confused
Posted by Jim V on June 25, 2003 at 01:35:03:
In Reply to: foreclosure in mo posted by karen on June 24, 2003 at 00:16:13:
: need help with foreclosure buyout amount. i have been told that the party must accept the balance of the note as settlement is this correct. i am in mo and have sale date next week and she just finally gave a payoff amt of 71000.00 the original note was 49,400. we have been told that she must accept the balance on the note as settlement please advise
I'm not up to speed on the MO process, but I'll try to address this on general terms. The payoff amount on a loan will be everything that is due on that loan, past due payments, late fees, legal fees. It all gets somewhat grouped together, although it is possible to get itemized accounting for the fees.
I somewhat question a payoff of exactly 71k, because round numbers rarely happen in real life. However, I don't find the total amount owed being 20k above the original loan balance to be overly unusual.
Did that provide an answer, or am I not understanding your question? Post back.
