Extra payments on a mortgage

tarupido · Joined: 17 Jul 2006 Posts: 1 Location: Dallas

First time here, so if I mess-up Sorry.
I am going direct to the point.
I bought a house 10 years ago from the owner. The house was in need of repairs and I know how to do from pluming to roofing. I got the house for:
$22560.00
at
11% (bad credit)
at
15 years
During the past ten (10) years. I made extra payments ranging from $25.00 (many payments) to $1500.00(1 time).
I honestly think I only owe about 6 months, 12 at the most. My landlord thinks I owe $8302.37
He sends me an Amortization Schedule done by his CPA (Certified Public Accountant).
Showing missing payments.
They sent me 2 Amortization Schedule showing different payment schedule. The first one shows November of last year with a payment of $250.00. The other Amortization Schedule doesn't have payment. The payment was sent to them on 11/5/04 for $275.00.
They don't have records of a single payment, with or without extra amounts.
The only way they were able to get to this amount is because I fax them a copy of every extra payment and they still mess-up
Is the CPA liable for this? Can I take the CPA to court an win?
Can I get a spread sheet on the Net or some kind of program that will help me with this? I got copy of every single Money Order and or check sent to them from 5/5/1996 to today. I also have a log of all the calls done to the owner since January 10th, 2006.By the way I first ask for the balance in Jan/10/2006. I just got te answer yesterday July 16th, 2006
All the paperwork was done by a Chicago Tile company. The house is under my name in the Court house in Dallas, TX.

Any ideas??

Thank you

chow · Posted: Mon Jul 17, 2006 1:38 pm Post subject:

You don't need us, You need a Real Estate Attorney.

I just happen to have a good firm for referrals in my hip pocket.

www.lendinglaw.com

Ask for Herman Thordsen.

Tell him "chow" told you to ask for a referral. (he knows where I live)

For a Shark, I mean RE Attorney-he's a good man. :wink:

m2c · Joined: 03 Aug 2005 Posts: 937

Amortization schedules are really simply and so most LOs just write their own. I’d go to http://office.microsoft.com/en-ca/templates/TC010755911033.aspx?CategoryID=CT011377171033
and download. Advantage to this one is that it’s open code and not protected. Disadvantage is “it’s not protected”. Only cell you want to overwrite is the extra payment column for the particular payment in question.

Before you get buried in attorney fees, I’d run and print the amortization schedule “according to you” with money order number handwritten by the rows. Present this to the CPA. It’s entirely possible that, if you’re not sending payment directly to the CPA, he/she doesn’t have the full story. If no response I’d go to the state CPA professional association with a complaint. No cost going this route and I think attorney fees would far offset the correction of a simple miscommunication.

I would try to clarify your position relative to your landlord (sic). I suspect you are a land contract (contract for sale) buyer. Sometimes payments are “strange” with changes in tax and insurance amount and many times the land contract sellers are bumblers who need a slap up side the face to get their figures “correct”.

Attorneys can mess up a simple situation. Thor seems like a "good guy" but even good guys have to charge and the cost/benefit ratio appears out of line unless the landlord is clearly wrong and won't budge.

Greg Phillips · Joined: 13 Dec 2005 Posts: 123 Location: Chillicothe, Ohio

Attorney and court.

Just so you know when you pay 1500 you still have a payment due the following month. The extra principle payment is applied. Normally you cannot pay a mortgage ahead.

m2c · Joined: 03 Aug 2005 Posts: 937

Alas, the Microsoft template I referenced uses fractional pennies. Not too common in the real world! This is why most LOs prefer “doing it themselves”. Easy enough to change yourself but “as is” will give results with near accuracy.

Thought I’d bounce around with the data you supplied. If you paid a $25 curtailment with EVERY payment and made the $1,500 curtailment with the FIRST payment (extraordinarily weighted assumptions and FAR more favorable than you claim), you’d have 8 months remaining after 10 years of payments.

Your estimate of 6 months remaining is WRONG so don’t go off wasting money on an attorney quite yet. Doesn’t mean your “landlord” is correct. Worth it to work through the numbers to arrive at a meeting of the minds. As is the spreadsheet if unprotected. To avoid “stepping on formulas” I’d unlock column E and lock the sheet before making entries in the appropriate row for “extra payments”.

Again, remember the principal balance shown will NOT match that of the CPA assuming the latter uses real world money. You can get closer (but not to the penny) by manually entering the actual P&I payment in “scheduled payment”.

chow · Posted: Tue Jul 18, 2006 12:09 pm Post subject:

You guys' (Greg123) take every word I type as Gospel? m2c knows I make Lincoln scream when it comes to lawyers. I lived on a law school campus for too many years.... :wink:

I don't think this posters landlord has his act together. You might be surprised how sloppy most landlords are with land contracts.

(but then again-this isn't any thing new for originators who have been around the block at least once!) The general public-IE: buyer on the contract needs to keep records!

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Heh, well, they don't know you like I know you, now do they?

8)

Greg Phillips · Joined: 13 Dec 2005 Posts: 123 Location: Chillicothe, Ohio

hmmmm.. lololol

chow · Posted: Wed Jul 19, 2006 11:54 am Post subject:

:shock:

Greg Phillips · Joined: 13 Dec 2005 Posts: 123 Location: Chillicothe, Ohio

I should have said Don't Ask Don't Tell.. hahaha

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Err, that's not exactly what I meant...

:oops: