whiel I understand the agreement, also understand if person B can't make one payment due to poor health,large home repair, etc..there is also a chance they don't have TWO payments at the same time. Before you know it it will be three, then four then foreclosure.
In essence, the banks inflexibility to accept a partial payment, will at some point cause the property to be placed in default.
Are you trying to tell me that a bank, with all of it's resources doesn't have some sort of formula to accept a partial payment, that would calculate additional interest? that's what they do for a living....add/subtract/divide.
When you purchase a car, they give you a coupon book whcih tells you the day your payment is due, when and how much a late fee will be. After 9/11 I made car payments 2 months late and never had a bank NOT take money. After I thought I had paid the car off, I got a letter saying I owed an additional $60 or so due to those two months. They calculated. I paid. End of story.
I don't see the difference.
