individual connected to the institution
some of what you are saying doesn't make sense. Is this person employed by the bank, or is an agent of the bank?bank official (freelance!)
Again, put everything in writing, don't deal over the phone.tried to make contact with the bank
Is this in writing?.. instructed to deal with this individual only
Must be a misunderstanding!! Contractually due payments are P&I over the remaining term of the mortgage. If the client is paying these on line then there is no need for concern and there is "no cat to be let out of the bag" as per BB's post above.The problem is when they had a personal call from an individual connected to the institution - the individual let the cat out of the bag by saying the institution wanted more than what was contractually due i.e. the current rental income (property now rented) plus extra lump sum so the capital would start coming down.
It sounds crazy alright! As mentioned the property is an investment property and the couple only received a letter stating that their interest only term was up this month (letter received less than a week ago) no earlier warning nothing . . . mortgage payment due next week.
Joe, the individual I have learned is an agent of the bank and sounds a complete scatter brain with information all over the place. They have been formally notified to keep away from the property and that of the home of the couple as there is no need for them to be there unless further forbearance is requested.
On another note how long is interest only generally allowed on an investment property?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?