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Missed Payments

Land Contract

Borrower Skips/Misses Payments

In this scenario 5 payments were made and none of them were on time. 3 of these payments were missed/skopped. Again, the Land Contract calculator is chock full of intelligence information for anyone willing to take a good look.

One point I would like to stress is what's due is clearly mapped to the payment events. No new row was inserted using the "Additional Payment to Principal + Interest" feature/button. You can learn more on inserting a new row in the Additional Payments lesson/tip.

Notice the increased payment in row 17. Notice the pile of real money in the Unapaid Accrued Interest column. Notice how only $13.25 has gone to reducing the Loan Balance.

Late Fees

Notice how $19.96 was deducted from the Payment Applied in row 17. The lender was paid the late fee first. Keep in mind this may be manually overriden by simply changing the Payment Applied to equal what was paid. Then, you can use the Late Fees Worksheet to track/manage them.

This is a very powerful loan administration tool for only $99.

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