Illustration of paying significantly less than the sum total due when one loan is present plus one loan is overdue: an individual has two loans – one loan is present plus one loan is delinquent and makes a $200 re re payment:

<strong>Illustration of paying significantly less than the sum total due when one loan is present plus one loan is overdue: </strong> <br />an individual has two loans – one loan is present plus one loan is delinquent and makes a $200 re re payment:

Loan A Loan B
October 15 date that is due125 amount past due 1
November 15 due date $50 present re payment quantity due 2 $125 present re re payment quantity due 3
Total due on November 15th
$300 total due

The $200 re re re re payment received by November 15 are going to be distributed within the after order:

  • 1 Loan B – $125 distributed into the quantity delinquent, as the loan is considered the most times overdue.
  • 2 Loan A – $50 distributed towards the payment that is current due, because both loans are actually current and Loan a has got the cheapest current payment quantity due.
  • 3 Loan B – $25 distributed towards the payment that is current due.

Loan a should be present before the next deadline of December 15 and won’t be reported to your customer reporting agencies as delinquent.

Loan B has $100 remaining due, will soon be delinquent if no further repayments are gotten, and:

  • Extra interest will accrue leading to a greater total price of repaying the mortgage. (observe how does the date my re re payment is gotten effect my loan)
  • The mortgage may be reported into the customer reporting agencies as overdue. Read more