Something like this happened to me. The mortgage company told me they could accept a partial payment and then tell me how much I had to pay for an interest only payment or ask me how much I can pay.

They would accept the payment and I considered that month’s payment made. Then I found out ma year later that I was three months behind in payments, that they would not accept the payment I had called to make, and that they were in the process of foreclosure.

Can you imagine the shock I felt? That’s is when they told me the other payments were not considered a payment unless I paid the full amount by the end of that month. I was never told that important aspect of my payment, nor was I told that none of those payments (whatever amount I had actually paid) was considered a payment. Guess it went to the principle but not a payment.

I tell you this so you don’t make the same mistake we did. Thank goodness, our income tax return paid the $5,000 plus amount to save the mortgage.