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Late Payments

Land Contract

Borrower Makes Some Late Payments

The borrower made 5 payments. One was on time, 4 were late and one of these four payments was skipped. Please take a good look at the image and the details. Again, it was easy but this time a little more thought went into it.

Notice how all the payments, even though they were late, mapped chronologically to the existing payment due. In other words, inserting a new row with a payment to principal + Interest was not necessary.

Notice the skipped payment in row 16. I entered the date (matching the due date) it should have happened and 0.00. Anyone reading this report can clearly see what happened — the due date came and went and nothing was paid.

Notice how the loan balance has not changed! Notice the Unpaid Accrued Interest column and the red numbers. This is what happens when a loan is new - — so much of the payment is interest that deviating from the schedule can cause interest to pile up in arrears so there is nothing left over to reduce the loan balance!

Notice how in cell Q9 "Unpaid Late Fees" is $0. This is simply because I did not populate the Late Fees Worksheet for this example. Once you transfer/populate data there, cell Q9 will show the balance due or over paid.

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