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date, but the resulting payments were $711 per month, or more than twice the previous payments.
Cordani estimated that the additional interest he will pay over the remaining life of his $60,000 home mortgage will cost him several thousand dollars. As of February, according to a copy of the loan records, Cordani’s outstanding loan balance was $46,519. If the loan had been amortized correctly, the printout states, Cordani’s balance as of that date would have been $45,367, or $1,152 less.
He said that he has made additional payments on the principal since he took the loan in 1981. Despite that, he said, the loan will be amortized over a longer period than originally planned due to the mistake. “The thing that really irks me is when I had made extra payments, thinking I would have the loan paid off early, and here I find out not only will it not be paid off early, but I’m behind and I’ll have to pay extra to make it up.”
The additional interest, Cordani said, will amount to about $2,700. “Maybe that’s not much to them,” he said, “but it’s a heckuva start to my kids’ college fund.”
Cordani and Embrey said they feel it is unfair that they have to pay the extra interest on the bank’s mistake. Cordani said he talked to Tarr, the Warrenton bank’s president, and offered to write the association a check for the $1,152 difference in the principal to bring the account up to date, if the bank would write off the difference in interest. Tarr declined the offer.
Tarr said that once the mistake was discovered, each borrower was notified of the options available. The bank’s board of directors, he added, decided that no waiver of the addi
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