My question involves real estate located in the State of: SC
I sold some property using seller financing. The paperwork was all written up by a very good lawyer, and the buyer is to pay me a minimum of $437 (including interest) monthly for the mortgage. They usually just round up to $450, so technically speaking they are ahead of the given payment schedule. (8 year contract) This is totally acceptable and well within our contract.
Sometimes, they try to pay 2 months at once. IE, pay $900 for January and then pay nothing in February. Normally I just go along with it, and mark it down as paid on time for both months.
For reasons that would take too long to explain, I no longer wish to do this. If a person pays double the required minimum amount for their mortgage does that mean they don't have to pay again next month? I don't think that's how it works. You can pay as much as you want over the minimum, but, if not paid off entirely another payment is still due next month. Am I wrong?
As an example, I pay more than the minimum amount due every month on my credit card, but, they still expect me to make a payment again next month no matter what, unless my balance is zero.