Can a bank refuse a partial mortgage payment?
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Can a bank refuse a partial mortgage payment?
Asked on November 1, 2011 under Real Estate Law, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
A lender or an person or entity holding the loan where a mortgage payment is to be made has the option to refuse a partial payment of the mortgage.
From a practical point it is always best to at least receive some payment that is owed as opposed to none. If you made a partial payment for the mortgage that was refused to be accepted by the lender, I suggest that you call the bank's representative to discuss the reasons for the partial payment to see what can be done to assist you in getting current on the loan.
Good luck.
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