Mortgage Receivable late and missed payments

Can Quicken be set up to add the interest from a missed payment to the loan balance and recalculate the payment due?  If not, how can it be done manually?
Default user avatars original d5efadcf497ea7b3d86c6f8d148d66633a29ce78fa8391af628adf32d9989354
  • Asked by gaila
  • Quicken Deluxe 2012
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Answer

Quicken doesn't have any "adjust for missed payment" loan feature; but you can change loan details for an existing loan. Whether the result will be what you want, I'll let you decide.

Backup first.

Property & Debt > Loan Details > Choose Loan > Edit Loan

Assuming the current loan balance and the amount of each remaining payment, are all that change:

On the second "Edit Loan" dialog box, change the "Current Balance" (Quicken may want you to also change the "as of" date).

Then click in "Calculate" in the "Payment" section, then click "Done", and let Quicken recalculate the payment schedule.

If your lender has already made a new payment scheduled available, you can check theirs against Quicken's.
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Default user avatars original d5efadcf497ea7b3d86c6f8d148d66633a29ce78fa8391af628adf32d9989354
NoWayJose , Q2013 RPM
SuperUser
2 additional answers

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