maintenance fees--can partials be made?

[CeeWoo]

I know this is a dumb question-so forgive me

Is it OK to make advance payments toward the MF from the MSC site? We always 'enjoy' that end of year present and it would be easier to just pay a bit each month over the course of a year (please don't tell me I could make interest on that money-I know)

I'm betting it's OK (and that some of ya already do so)

 

[LisaRex]

You can make payments at any time on MSC. I thought about doing this last year, but never got around to it. I assume payments will simply show up as a credit on your MFs.

 

[myip]

I do it all the time... It shows as a credit for next year.

 

[CeeWoo]

Thanks guys. You've confirmed what I suspected

Merry Christmas to everyone!

 

[hope29]

I am thinking about doing this next year because I am always scrambling at the end of the year to pay these fees

 

[Henry M.]

You could also open an account at your broker or bank and make payments or direct deposits into it. As a matter of fact, depending on credit history, you could get rid of your mortgage escrows (property taxes and insurance) at your mortgage company and pay them into this new account too. Then you'd be earning some interest and at the end of the year you'd have the money to pay all these debts. No need to give the bank an interest free loan for all this money. You just need to be sure you'll have enough discipline to leave the money alone for its intended purpose.

 

[LisaRex]

I actually do a self-imposed escrow for property taxes and earnings taxes. (Though, now that I think about it, I doubt we'll be recording gains for '08. ) However, for the TS, we're talking $166/mo. so the interest I'd earn would be minimal. Sometimes convenience outweighs fiscal responsibility.

Which is why I own a TS in the first place.

 

[Henry M.]

Can you make automatic payments through MSC? If not, just set up an automatic deposit into your escrow account and forget it until your once a year payment through MSC. Can't get more convenient than that, especially if you're already putting away other monies and you can just increase the monthly amount a little. I agree with you that it should be the most convenient way possible, rather than trying to get a small amount of interest.

 

[DeniseM]

Can you make automatic payments through MSC? If not, just set up an automatic deposit into your escrow account and forget it until your once a year payment through MSC. Can't get more convenient than that, especially if you're already putting away other monies and you can just increase the monthly amount a little. I agree with you that it should be the most convenient way possible, rather than trying to get a small amount of interest.

There is no option for automatic payments on MSC - you have to go to MSC and physically make the payments. If you called Starwood, you might be able to set something up with them through your bank's auto bill paying system.

 

[CeeWoo]

I am thinking about doing this next year because I am always scrambling at the end of the year to pay these fees

And that's why I asked as well

 

[lprstn]

I pay it monthly. Only way its bearable...