Home mortgage interest is paid in arrears, not in advance. Unlike most loans, mortgage principal and interest are paid in arrears. This means that when you make your payment on the first of a month--all contemporary mortgage loans are written as of the first of the month--you are paying the previous month's interest.hen you have sold your home or refinance it, the interest in arrears feature may be less attractive. If you close your sale or refinance on the 18th, your mortgage payoff will be higher than your apparent outstanding balance.
June 17, 2009. Finding an old check at the bottom of your drawer doesn't necessarily mean you'll get a boost in your bank account. You generally have six months to cash or deposit a check. If you have one that was written earlier than that, a bank or credit union isn't obligated to honor the item.
Unless you write on the check that it will not be valid after a certain number of days, banks may honor the check. Generally, banks are not required to honor checks that were written more than six months prior.In some states, a bank will consult with the person who wrote the check if it is presented with a check older than six months.Certified checks, which are guaranteed by a financial institution, cannot go stale and will be honored at any time.f you are unable to cash a stale check, a lawyer can help you recover the debt or obligation from the person who owes you the money. Consult a Lawyer-Present Your Case Now! Last Modified: 01-16-2014 04:01 PM PST. Find the Right Lawyer Now.