HELOC statement

Posted By: workerbee

HELOC statement - 05/22/18 01:58 PM

Trying to find clarification, is it acceptable for heloc payment statements to have future interest charges based on balance at time of statement? In other words, servicing recently sent out statements that project interest for 2 weeks in addition to what was accumulated making payments 50% more than expected.
Posted By: rlcarey

Re: HELOC statement - 05/22/18 04:50 PM

What does your HELOC contract say. How can you pre-accrue interest when you have no idea what the account balance is going to be? I think you have a serious problem.
Posted By: workerbee

Re: HELOC statement - 05/22/18 07:06 PM

Servicing system can keep tract of any changes and next statement will be adjusted accordingly.