Author Topic: Mortgage company shenanigans  (Read 375 times)

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Online Desert Fox

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Mortgage company shenanigans
« on: April 16, 2017, 01:30:00 PM »
I bought a house in September 2015 and have been making payments on time since buying it. Mortgage payments are due by the 15th and I would tend to send payment by 10th or 11th of each month.

They kept claiming not to receive payments by the 16th and charging me late fees. As a result, I have sent them certified mail for the last couple of months. It means I cannot just stick it in my mailbox and costs me something like $3.50 instead of $0.49.

They tried to claim it again this month but then I said that according to USPS that you received the payment by April 14th. Suddenly they could find it in their system.

So, is this a common trick?
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Offline PANTS!

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Re: Mortgage company shenanigans
« Reply #1 on: April 16, 2017, 03:21:40 PM »
I bought a house in September 2015 and have been making payments on time since buying it. Mortgage payments are due by the 15th and I would tend to send payment by 10th or 11th of each month.

They kept claiming not to receive payments by the 16th and charging me late fees. As a result, I have sent them certified mail for the last couple of months. It means I cannot just stick it in my mailbox and costs me something like $3.50 instead of $0.49.

They tried to claim it again this month but then I said that according to USPS that you received the payment by April 14th. Suddenly they could find it in their system.

So, is this a common trick?

Probably.  I bet if you check your loan agreement there is also a Mandatory Binding Arbitration clause coupled with a no class action law suit clause.*    I'd ask for an audit, and ask that they refund all the late fees.  One day late is bullshit anyway.

Then go get a loan with a Credit Union.

* Not that it matters since the conservative SCOTUS is gonna fuck the last vestiges of those rights right up through our colons and out through our mouths.
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Offline The Latinist

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Re: Mortgage company shenanigans
« Reply #2 on: April 16, 2017, 05:19:46 PM »
I've never experienced it.  That's really awful.
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Online Desert Fox

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Re: Mortgage company shenanigans
« Reply #3 on: April 16, 2017, 05:32:23 PM »
I figure that it is not about me but if they can tag 10,000 or 100,000 mortgages that way (or more) a few times a year, that could be some tidy extra money made by them.

I actually got the call yesterday with Sunday being the 16th and no mail today.

My roommate has tried to tell me that I should pay them electronically but I have bad experience in the past with a mortgage on a mobile home. They both charged me a $5 fee every time (for something that is actually better than mailing them checks) and they would take payments out when they feel like not when I want them too. I once asked them to wait two days (until I got paid) and they would not do that, causing the payment to bounce and a large number of downstream effects as a result. 
"Give me the storm and tempest of thought and action, rather than the dead calm of ignorance and faith. Banish me from Eden when you will; but first let me eat of the fruit of the tree of knowledge."
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Offline Tassie Dave

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Re: Mortgage company shenanigans
« Reply #4 on: April 16, 2017, 05:48:29 PM »
You could still do it electronically, just don't do scheduled payments.
Do them each month manually, when you want the payments to go through.

At least this way you have proof of the time it was paid and control over when it gets paid.

Offline Mr. Beagle

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Re: Mortgage company shenanigans
« Reply #5 on: April 16, 2017, 06:08:52 PM »
I figure that it is not about me but if they can tag 10,000 or 100,000 mortgages that way (or more) a few times a year, that could be some tidy extra money made by them.

I actually got the call yesterday with Sunday being the 16th and no mail today.

My roommate has tried to tell me that I should pay them electronically but I have bad experience in the past with a mortgage on a mobile home. They both charged me a $5 fee every time (for something that is actually better than mailing them checks) and they would take payments out when they feel like not when I want them too. I once asked them to wait two days (until I got paid) and they would not do that, causing the payment to bounce and a large number of downstream effects as a result.

Does your own bank have an electronic payment system, rather than use the mortgage company's? Mine has free checks sent this way and payments are actually sent electronically to many major vendors, my mortgage company included, so there is an electronic record of transfer with each payment.
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Re: Mortgage company shenanigans
« Reply #6 on: April 16, 2017, 06:29:29 PM »
Does your own bank have an electronic payment system, rather than use the mortgage company's? Mine has free checks sent this way and payments are actually sent electronically to many major vendors, my mortgage company included, so there is an electronic record of transfer with each payment.

This thread was meant as a complaining thread but that is a pretty good suggestion.
I will have to contact my credit union between now and the next payment.
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Offline Tassie Dave

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Re: Mortgage company shenanigans
« Reply #7 on: April 16, 2017, 08:36:44 PM »
Does your own bank have an electronic payment system, rather than use the mortgage company's? Mine has free checks sent this way and payments are actually sent electronically to many major vendors, my mortgage company included, so there is an electronic record of transfer with each payment.

This thread was meant as a complaining thread but that is a pretty good suggestion.
I will have to contact my credit union between now and the next payment.

That is what I was suggesting also.

Australia has a system called BPay that I use for all my electronic payments between my bank and any business I deal with.
Almost all bills (mortgages, credit cards, power, telephone, etc) have a code for the business and an individual code for the bill that can be set up as a scheduled payment (Bill is payed on a set date) or payed manually using a "Pay Now" button. The company receives the money instantly into their account.

I assume the US has a similar system.

https://en.wikipedia.org/wiki/BPAY

Offline Belgarath

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Re: Mortgage company shenanigans
« Reply #8 on: April 16, 2017, 08:43:15 PM »
Never EVER sign up for electronic payments with the payee.  Always do it through your own bank.  There's no charge for most banks AND you have control.

I just had T-Mobile take $340 out of my account and I raised a stink  I want to see the bill (I just switched back to Verizon). 
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Offline Mr. Beagle

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Re: Mortgage company shenanigans
« Reply #9 on: April 16, 2017, 10:23:18 PM »
I may be out of date here, but my understanding is that the "ACH" system used to clear most payments in the US is a bit of a baling wire and bubblegum system. The British system I used seemed to have better electronic options.

For instance, I think that most small vendors in the US still get a paper check, even if you used electronic banking with your bank. Person-to-person is still problemmatic. In the UK P2P is much easier.
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Offline daniel1948

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Re: Mortgage company shenanigans
« Reply #10 on: April 17, 2017, 10:25:00 AM »
I allow my utility, insurance, and phone companies to take money for my bills. They always send me an email with a link to the bill, if I want to check. The advantage is that when I travel there's no worry about the bills getting paid. But then, I've always got enough in my checking account to cover it.

I could go to the bank's site instead, but for utility bills that means doing it manually each month since the amounts are always different. By trusting the utilities to do it, I save that bother. And I can always contest a charge with the bank if the utility screws up and won't admit it. I've never had that happen.

I pay my taxes on line, but for that I go to their web site and enter the amount and the date it is to be paid manually each time. I guess I trust the IRS less than I trust the utility companies. And for taxes, I need to move money into the checking account. That's more than I keep there on a regular basis.

Given your experience with the mortgage company, paying electronically directly from your bank, where you control the amount and the date, and have electronic proof of date paid, seems like the way to go.
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Offline Redamare

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Re: Mortgage company shenanigans
« Reply #11 on: April 17, 2017, 11:28:16 AM »
Probably ten percent of the Certified Letters I prepare for customers are to prevent just such fuckery.

It's $3.84 for a certified letter, including postage, at current rates. Add $0.21 for every additional ounce past the first one.
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Offline Friendly Angel

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Re: Mortgage company shenanigans
« Reply #12 on: April 17, 2017, 11:43:54 AM »
I haven't seen this.

One of my previous mortgage companies used to screw up my impounds so bad it was laughable - they wanted a big fee to not have impounds but I wrote a letter showing them they couldn't do simple math, and had made errors in both my previous statements, they couldn't keep track of my homeowner's insurance, and that I could manage my own money; so they agreed to waive the fee.

Now my mortgage is through my bank - they gave me an account holder's rate, they transfer the money from one account to another on the day it's supposed to happen, it's instantaneous, and it's been no problem.
Amend and resubmit.

Online Desert Fox

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Re: Mortgage company shenanigans
« Reply #13 on: April 17, 2017, 12:15:58 PM »
Probably ten percent of the Certified Letters I prepare for customers are to prevent just such fuckery.

It's $3.84 for a certified letter, including postage, at current rates. Add $0.21 for every additional ounce past the first one.

That is interesting. . . .You work for USPS?
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Offline Redamare

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Re: Mortgage company shenanigans
« Reply #14 on: April 17, 2017, 01:27:16 PM »
Yup.
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Certainty is the enemy of wisdom.

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