Mortgage pay off questions
Thru some good fortune Ã¯Â¿Â½ I may have some family help in paying off a mortgage. Wow never in a million years dreamed that could happen.
Anyway Ã¯Â¿Â½ I was given pay off quote which is balance plus 2 mo. Interest plus small recording fee. Is there a way to time the payment so that my relative pays the least possible amounth of interest - why should it be 2 whole months? He is balking at that which I respect - he is a frugal guy after all!
Say my P&I payment for January is due and paid on January 1. So IÃ¯Â¿Â½ve paid my principal plus the interest for the month previous (December). If my next payment isn't due until February 1, why should I have to pay two whole months interest when I pay off the loan? Wouldnt it just be 1 month?
Also my relative has suggested that its possible to negotiate down the principal due. IÃ¯Â¿Â½ve never heard of that and the loan officer tells me that that is not done except in some foreclosure instances and as he said "you donÃ¯Â¿Â½t want to be there."
Any ideas on where my relative might be coming from? HeÃ¯Â¿Â½s not the kind of person who would just make up stuff.
thanks in advance