Do Back Payments Matter To Mortgage Balance Bottom Line?

[Nick Zocher]

Extremely newbie question, but I'd love clarification.

I was speaking to a lead today who's bank statement said they had a remaining mortgage balance of around $500,000. The statement also highlighted that they had $60,000 of unpaid payments. Those $60,000 still fall within the overall $500,000 owed, correct?

It is my understanding that the bank only needs $500,000 to satisfy the mortgage, rather than $560,000, but I would love clarification before promising a certain amount of equity to the lead and being off by tens of thousands.

Thanks in advance,

Nick