question about mortgages

[mommytoe]

We refinanced our mortgage. The paper work we signed said our first payment would be Dec 1.

The mortgage past from one mortgage company to another for a few weeks.

Now we got a letter today (Nov 9) telling us our payment is due Nov 1.

Can they do that? It does not seem fair to change the due date up a month from what was agreed on at closing.

Also seems nasty to send the letter after the due date as well.

 

[LuLuO]

I'm no expert but if you signed paperwork saying that your first payment is due 12/1 then I don't think they can change it. I'd call your loan officer.

 

[GingerJay]

Hey! I work in real estate- could it possibly be that your loan was assigned to them in November 1? Maybe it means, that as of November 1, you are making payments to such and such (new bank) instead of (old bank). They definitely cannot change your payment date, though- absolutely not- but you should contact them and make sure that they don't report erroneously to your credit report or something. Do you have a copy of your Promissory Note or anything from closing? That should have your first payment date on it for your reference.

 

[C.Ann]

Hey! I work in real estate- could it possibly be that your loan was assigned to them in November 1? Maybe it means, that as of November 1, you are making payments to such and such (new bank) instead of (old bank). They definitely cannot change your payment date, though- absolutely not- but you should contact them and make sure that they don't report erroneously to your credit report or something. Do you have a copy of your Promissory Note or anything from closing? That should have your first payment date on it for your reference.

I agree that you have to look into this and get it straightened out ASAP.. If something got mixed up somewhere, a late (or "non") payment for a mortgage showing up on your credit report would be very damaging..

Good luck!

 

[bicker]

Note that they could tell you up-front that your first payment will be December 1, and then change that to November 1, even up to the date of the closing (but no later). What matters is what the settlement papers you signed at the closing say - nothing else.

 

[NCRedding]

Look on the promissory note that you signed. This has the first due date and is binding upon you and the mortgage company, regardless of whom it is assigned to.

 

[sweetdana]

Agree, with others they cannot change it from what you signed.
The LO could have quoted you something different (some shady ones do), but if your docs you signed state 11-1 it is 11-1 if they state 12-1 it is 12-1.
No grey- fuzzies on that. Also you can call your lender/broker directly. To find out more info. If it is a broker they lose there pay on it if your 1st payment is 30 days late (most of the time), so they should be forward with you.

 

[Tink888]

We refinanced our mortgage. The paper work we signed said our first payment would be Dec 1.

The mortgage past from one mortgage company to another for a few weeks.

Now we got a letter today (Nov 9) telling us our payment is due Nov 1.

Can they do that? It does not seem fair to change the due date up a month from what was agreed on at closing.

Also seems nasty to send the letter after the due date as well.

What month did you close? For example if you closed in Oct 15, on your settlement statement that you received at closing, interest would have been collected from 10/15 through 10/31 and the first payment on your new mortgage would be Dec. 1.

The first payment date that is listed on your Note is generally binding but it is possible that either an error was made on the Note or on the letter you received when the mortgage was assigned.

I would pull out your paperwork and contact your lender. The loan officer won't do you much good, once the loan closes, they're pretty much out of the picture.

ETA: Also wanted to add, that if an error was made on the Note, you may still be required to make the Nov 1 payment. You would have also signed an Errors and Omissions statement at closing which is the bank's way of covering themselves in the event of a mistake.

Generally speaking, if you closed in Oct, your 1st payment would be due Dec 1. If you closed in September, your 1st payment would be due Nov 1.

 

[sweetdana]

Though it is common to bring sat 15 days of interest to closing and skip the following month, due to loans being paid in the rears, this is not always the case. With exceptions, short funds to close, short reserves ect. This is allowable to not skip a payment. They best place would be what you signed.

 

[Simba's Mom]

We refinanced our mortgage. The paper work we signed said our first payment would be Dec 1.

The mortgage past from one mortgage company to another for a few weeks.

Sorry to be off-topic, but does this mean that when you refinanced, you went with a motgage company other than your original one? That's what we're thinking of doing. We contacted our bank to get info about refinancing, but all they did was tell us about this great (they said) government program that was meant for people who need to refinance, which we don't-just want to. We wanted info about the plain ole refinancing, but they didn't give us that, so maybe we'll go elsewhere.

 

[sweetdana]

Go else where. Often current lenders want you to stay at current rate, esp. if higher, they drag feet and sometimes wait out market till rates are gone.. oppps gotta stay at higher rate.


Call 3 mortgage people, then make yor decision.