Question re mortgage company

[dvcmember]

My mortgage company has started calling on the 3rd of every month if the payment is not received. Due date is the first. Does anyone else's do this? I have a grace period but they call to let me know I'm late. I wonder why they have nothing better to do. Barb

 

[mickaholic4077]

I would imagine that they are as scared of the economy as we all are.

 

[dvcmember]

Believe me I get the economy but calling people who are up to date seems a bit extreme. Barb

 

[tlens]

Then pay by the first.

 

[RadioNate]

If your due date is the 1st and you haven't paid by the 3rd... technically you aren't 'up to date.' Grace period or not your payment is late.

 

[lovesmurfs]

Money's tight all around. They probably think that if you've missed your initial date, you might miss the 15th as well (not you specifically, but you as the general public with mortgages....). I wouldn't take offense or be annoyed. I get email reminders from AT&T for our cell coverage if they haven't received payment 2-3 days BEFORE the bill's due.

 

[eclairemom]

Not with my mortgage but GE Moneybank is relentless if a credit card payment is a couple days late.

 

[sahd2one]

Simple solution:

Adjust your finances so you get in your money by the DUE DATE. No more calls!

 

[dvcmember]

I was not looking for advice. I was wondering if this had become common practice. I understand they are well within their rights. It seems to me they would be more worried about people who did not pay at all. I had alraedy sent my payment. Barb

 

[SpecialK]

They have no knowledge that you have already sent a payment. As of the third of the month, if they have not received your payment, you are in arrears.

 

[princesspiglet]

I have Countrywide, and not they do not call me. I have had them for 8 years and I have never gotten a phone call from them- even when i have been 10 days late (once, on vacation!)

I hate when people offer unsolicited advice. if you can't answer the dang question actually asked, then don't answer at all!!

 

[dvcmember]

I have Countrywide, and not they do not call me. I have had them for 8 years and I have never gotten a phone call from them- even when i have been 10 days late (once, on vacation!)

I hate when people offer unsolicited advice. if you can't answer the dang question actually asked, then don't answer at all!!

Thank you for understanding Barb

 

[mikehn]

You have until the 15th before its late. I would have a big problem with a phone call before the 15th.

 

[arminnie]

I hate when people offer unsolicited advice. if you can't answer the dang question actually asked, then don't answer at all!!

I think this is unsolicited advice.

 

[Planogirl]

We're with Countrywide too and we've never had a call. I do sometimes pay 2 or 3 days "late" because of how our deposits fall. Countrywide doesn't seem to consider it late so I'm not going to worry about it.

Maybe it depends on the company and how they're being affected by all of this mess lately?

 

[Cindy's Mom]

Both DH and I both get paid on the 10th of the month - our mortgage company knows this and this is when they take the money out of our account.

OP, if the first of the month doesn't work for you with your pay schedules, I'd call the lender let them know that the 5th (or whatever date) is when you'll pay and I'm sure they can put that their computer auto dialer and maybe the calls will stop.

If you're current on your loan, I'm sure that the lender would rather not call you and "waste time", when they probably have hundreds of other calls that need their attention.

 

[SHAYMARAYSMOM]

Believe me I get the economy but calling people who are up to date seems a bit extreme. Barb

Not to be mean but they see it as you not being up to date if it is not paid by the first.

 

[tinatark]

Technically it is late - payments are due on or before the 1st. While it is not common to get a call a couple of days after the due date, the company is well within their rights to do so.

When I worked for a large credit union, accounts which were frequently late, had previous foreclosures or were otherwise considered risky would be coded so they would get a call after their due dates, but within the grace period. With those accounts, the squeaky wheel got paid, it seemed.

 

[lisah0711]

No, our mortgage company doesn't call as far as I know because we pay on or before our due date. I am sure that you know that you will end up paying more interest over the life of your loan if you don't pay on the first -- if you paid 3 days late every month you would end up paying an extra month's interest over a year, give or take because of the amortization schedules. But if you paid one extra payment a year, you will turn your 30 year loan into a 19 year loan!

 

[momrek06]

They have no knowledge that you have already sent a payment. As of the third of the month, if they have not received your payment, you are in arrears.

I hate when people offer unsolicited advice. if you can't answer the dang question actually asked, then don't answer at all!!

I think this is unsolicited advice.

Sorry, OP, you getting a call on the 3rd is totally within your bank's means because you are indeed LATE if the payment is not in THEIR hands by the first whether or not you have a "grace" period.