A couple of homes ago, I would routinely make double and triple payments on my mortgage, and as the bank sent my my balances, I began to notice that the "next payment due" date wasn't next month, but several months into the future. Concerned and confused, I gave the bank a call, and learned that yes, indeed, my next payment's due date was in fact over half a year away. I got up to about 14 months that I could have taken without payments, I believe.
Unfortunately, my subsequent mortgages have not had this "safety valve," but in light of the recent meltdown, I've got to wonder; why isn't this feature more widespread? Wouldn't it be helpful if borrowers could use the "sunny days" to prepay their debts for the rainy?
Now, granted, borrowers can (and should) save money in their savings accounts and elsewhere--this certainly isn't the only way borrowers can avoid foreclosure. Even so, for those who have difficulty letting their bank balance grow, it would be an awfully nice option.
Merry Christmas too all my readers! Don't forget to read the Christmas story under your favorite whale oil lamp in honor of the Savior's birth and Congress' latest dumb move.
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