Can bank do this?

[EweSheep]

UPDATE!

Phew!

The loan officer didn't know why they sent me the letter. She said she looked at our account and everything has been paid up to date and no deliquent payments owed. She noticed I have been paying on time and there were NO outstanding debts. She will contact the company that been doing the checks on everyone's loans and let them know we were of good standing. I told her that as soon as I get my SS money on the 3rd, the mortgage is the FIRST thing I pay, next to power bills. Been doing this for eight years and waaalaaaaaa, a problem!

So she took the letter and told us not to worry and we ARE safe! We are no under siege of the dreadful home foreclosures.

Hubby likes the bank, how they let us know and the errors they found and so forth. As for me, I find it annoying, nerve wacking when you KNOW it is being PAID! I HATE the thought of losing our home....I had a house before I was married, filed bankruptcy when I was terminated from my job almost nine years ago.......I hate that feeling.

 

[cassie]

Keep tabs on this. The problem may not be solved just because the loan officer says it is. Computer glitches tend to persist. You are a lot better off with a small town bank than with the B of A or Wells Fargo, though. Those banks are quite eager to forclose on any property, whether is is fully paid for, current in payments, or not even theirs at all.

 

[EweSheep]

I do know a house across the street has been abandoned for so long, I think two years. The address is 441 while our number is 411...I hope it is not a mix up or I'll be ******.

I have no idea who the house belongs to. I am assuming it belongs to the city. They had out of state buyers but so far no takers. Last time the city guy told me that if they don't find a buyer with this amount of time, the city will tear it down and offer to split up the lot or one of the owners of either side can buy it up for a larger yard.

You bet I would be on the alert...hubby went with me. I know it had to be an error on their part. As the loan officer said, the mortgage has been paid up to date and we do not need to do anything else YET until we get another letter regarding to this matter. If we don't hear from them, they must have contested it and dropped it.

 

[Chook-A-Holic]

Don't forget to keep an eye on you credit report. You never know.

 

[THE Curmudgeon]

Just a thought.....

Don't trust "word-of-mouth" ....even from a "Bank Executive"....
ALWAYS get these "words" in WRITTEN FORM with copies signed by the "Executive".

I had a BANK that was "unable to find any such document" ( also a small "hometown bank" ) that related to a Loan Modification.....

....but I had 2 other signed copies of that agreement....( FOUR copies were made...2 for the Bank...2 for me ). The Bank was forced to admit to the Agreement upon my giving them a signed copy of what the "Loan Modification" agreement actually was.

Keep WRITTEN COPIES of EVERYTHING !!!

DON'T TRUST their "words" ! ( People "forget" when it is to their BENEFIT to do so....)

just GOOD Advice ....from an experienced Business Manager/Owner.

THE Curmudgeon
P.S. I TRUST "Bankers" LESS than I trust Lawyers !!! ( Hint-Hint )

 

[Mattemma]

Get written records of everything.People have lost homes they paid for.People have bought homes they thought they bought,but it was a next door forclosure.People really mess up.

 

[dainerra]

honestly, when you started setting up payments on anything other than the first, then YOU violated the terms of your mortgage.
Yes, when they were doing automatic payments the money left your account at a later date, but that argument is like saying "It took 3 days for a check to clear therefore next month I won't pay you until the 4th"

Yes, they could have sent you a notice earlier. But that doesn't change the fact that unless they are generous that they don't have to let you slide any longer. From now on, I would make sure that the payment is scheduled no later than the first. Yes, sometimes it will be later before the money comes out but YOU will be covered.

 

[Sonoran Silkies]

honestly, when you started setting up payments on anything other than the first, then YOU violated the terms of your mortgage.
Yes, when they were doing automatic payments the money left your account at a later date, but that argument is like saying "It took 3 days for a check to clear therefore next month I won't pay you until the 4th"

Yes, they could have sent you a notice earlier. But that doesn't change the fact that unless they are generous that they don't have to let you slide any longer. From now on, I would make sure that the payment is scheduled no later than the first. Yes, sometimes it will be later before the money comes out but YOU will be covered.

One of the posts in the middle of this thread said that they spoke with the bank and it was agreed to change the date. That is the kind of thing that occurs with loans frequently. Might have had to pay a bit more for the one payment where the dates were first changed (38 days vs 30).

 

[dainerra]

Dependd on if the local office gave the ok or if the homeowner had it in writing from the main office. Most times it doesn't matter what promises (even in writing) you get from your local branch, it can still be overruled at a later time by corporate. And, no they usually won't tell you. They just toss out the paperwork that is against their policy.

 

[cassie]

honestly, when you started setting up payments on anything other than the first, then YOU violated the terms of your mortgage.
Yes, when they were doing automatic payments the money left your account at a later date, but that argument is like saying "It took 3 days for a check to clear therefore next month I won't pay you until the 4th"

Yes, they could have sent you a notice earlier. But that doesn't change the fact that unless they are generous that they don't have to let you slide any longer. From now on, I would make sure that the payment is scheduled no later than the first. Yes, sometimes it will be later before the money comes out but YOU will be covered.

Maybe not. On the mortgages I have had, while the payment may be due on the first, it is not considered to be delinquent, or late, until say, the tenth, or whatever the loan paper says. As long as you pay by that date, you are not violating anything.