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Updated almost 6 years ago on . Most recent reply

Michael Roberts's profile image
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Michael Roberts
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Michael Roberts
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Tax Liens & Mortgage Notes

Loan P&I less than what it should be on tape

Michael Roberts
Posted

I'm looking at a 1st lien non-performing note in which the original loan amount was $117,850. The original and current rate is 4% and loan term is 360 months. The current (and original) P&I is $474. By my calculations the P&I should be $559. Wondering why the P&I would be considerably lower, something to do with the way it's amortized?

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Wayne Brooks
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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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You bid what it is worth to you...regardless of how much higher the balance is. 

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