There’s a difference between obligation and payment terms.
I undoubtedly owe my mortgage lender for the full amount of the loan on my house. I can choose whether to just pay the monthly payment, or I can pay more at any time, up to the full outstanding principal. If I send my lender a bigger check, they’ll gladly cash it and apply it to the principal, and I don’t think I’d have any luck in asking for the money back. It’s implicit with most loans that the borrower can pre-pay ahead of the payment schedule at any time.
For my salary, my employer’s obligation is only for the past two weeks of work. Any overpayment on their part would be due back to them immediately.
Probably. However if you pay off your mortgage by accident, they won't just give you back the money. They might also be uninterested in giving you a new mortgage if you are already declaring bankruptcy.
I undoubtedly owe my mortgage lender for the full amount of the loan on my house. I can choose whether to just pay the monthly payment, or I can pay more at any time, up to the full outstanding principal. If I send my lender a bigger check, they’ll gladly cash it and apply it to the principal, and I don’t think I’d have any luck in asking for the money back. It’s implicit with most loans that the borrower can pre-pay ahead of the payment schedule at any time.
For my salary, my employer’s obligation is only for the past two weeks of work. Any overpayment on their part would be due back to them immediately.