The CC and business lines will calculate the monthly payment based on the outstanding balance next month when the statement comes out.

When he would see people around town who had outstanding bar tabs, he would get them to offer (read coerced) up some collateral until the tab was paid.

I always tell every tenant I'm not looking for outstanding credit from their report, I just want to know that in general they pay their bills, that we all have issues in life.Most of the time they will then open up and tell me exactly what I am going to find,,if its bad enough I save all of us the hassle and recommend not running the application (but if they still want me to of course I will).I have had very few people just look me in the face and lie,,of course I said very few, I have had it done,,and sometimes they are really good at it,,which is why I run credit checks, background checks and rental history on everyone

And I doubt that negates any outstanding debt.

There's an outstanding balance about to go to collection.  

Here's what happens.1 - Interest payment is based on 30 year mortgage2 - Extra payment goes to principle, which pays down the principle, but the interest is minimally affected...and most of the regular payment is interest.3 - The actual effect comes at the end of the mortgage, which if you sell or refi...you never reachThat's funny  Joe, you're telling me what happens.Payment goes to outstanding principal, the next accrual period the interest is charged on the outstanding balance, interest is paid on a smaller balance and therefore the interest paid is less.It is not a minimal effect of the amortized period, saving can be considerable.Have no idea what you're saying in #3 "actual effect".

The "price" you're agreeing to is the outstanding loan balance.

Or does this seem redundant given the sale of those properties should cover the outstanding mortgages?

On the refi is the old mortgage on the property paid off, coming up with new outstanding balance of which 80% is avaliable to be pulled out?

The letters work and the early response has been outstanding.