I hold a mortgage for $130K. "6% per annum", 20 years, 240 monthly payments of $931. The mortgagee paid the initial 45 monthly payments and has not paid for 264 months.
I would like to know the current value of the mortgage if it were to be paid off today.
I think it should be the balance listed in the amortization table for the most recent payment, which is $115,841, plus 6% interest since that payment, or $115,841 * (1.06 ^ (264/12)), which is $417,437.
The mortgagee claims it's (240-45) * $931 = $181,545. She says there is no provision in the mortgage for changing the number or amount of payments.
Edit: I got a copy of the mortgage. It's a standard-looking mortgage apparently supplied by the title agency. The only recourse it lists for missed payments is foreclosure.