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crazy mortgage company - how can they do this?
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Posted by FLgal
(205.188.116.131) on July 25, 2004 at 02:25:25:
I posted this over on the creditboards in the mortgage forum but haven't gotten a reply. Thought maybe someone here would know... We have our mortgage with Southtrust and have been having all kinds of trouble with them. In May, I mailed our payment in a few days before the late date. In June, I mailed the payment in on the second. About a week later, we got a letter back from them with our May payment enclosed and marked void. They were refusing to accept it saying we were now 2 months delinquent! By this point, they had already cashed the check for June. So we called them and were basically told that it doesn't matter when the receive payment but when it's posted. If they get it on the 10th but it doesn't get posted til after the 16th, it's still late and we owe a fee! How can that be? So then they said they applied the June payment to May and now we just owed May plus a late fee for both months. We refused to pay a late fee on June because the check was cashed well before the late cut-off (which is the 16th). Ok, so skip ahead to July. Instead of mailing the payment and risking them claiming it wasn't there in time, I took it to the bank myself. It went in on the 15th at 12:54pm. Daily cut-off is 2:00 and our payment stubs say a late fee is due if paid AFTER the 16th. So it very clearly was paid before any late date. Well today in the mail we got a notice saying we now owe a $28 late fee! I have the payment receipt from the bank showing when we paid but I know Southtrust is just going to give us the same BS as before about it only counting when it's posted not when paid. Have any of you heard of such a thing?
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