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Accept Partial Payment for Mortgage Loans?

Question: 
Can we accept partial payment for mortgage loans?
Answer: 

by: Dan Persfull:

Yes, but your legal agreement should outline how these partial payments will be applied and you need to make sure your servicing system can process the payments according to the legal agreement.

Answer: 

by Richard Insley:

When researching questions of this type, it's always a good idea to review state law and applicable investor agreements.

First published on 10/04/2015

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