question on principal owed

[Athena62]

your right momofthree...wow I wasn't thinking about the mortgage payment in the payment dumb me...so I have refigured and now we have about 18 payments left cause they get our income tax refunds too..man I was so excited and wasn't thinking. thanks

[DavidT11]

Having had over 10 years of experience in doing plan calculations in Chapter 13 cases nationally, it is almost certain that the "Trustee math" is wrong; namely, what the Trustee says is owed to a mortgage company that is being paid through the plan versus what the mortgage company says is owed are almost certainly different. For instance, Trustees typcally comput an amortization based on the date the Trustee made the payment to the mortgage company, whereas the mortgage company runs the amortization based on the date it received the payment. That, by itself, creates a variation in balances. I could go on, but "Trustee math" or "abacus", as I sometimes, has almost no bearing on how standard consumer financing insturments operate.