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Posting of Mtg Payments


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Hi - Trying to straighten out a mess with my mortgage company. I go to the trouble and expense of mailing payment overnight and return receipt each month.

I've noticed that they often show my payment as posting on the day my check clears my bank, rather than on the day they actually receive it. Wondering if this can be legal?

Thanks, Rose

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File a complaint with the bank about their policy of not posting the checks when received. Can also contact the organization that regulates that specific bank like FDIC and the such - can find a listing of these in the Summary of Rights. What is a name of the company you are talking about; have the list & can post the exact address you would need to dispute with.

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Thank you both for your replies. No, I have never heard of such a thing, either, but I guess I should have been more specific in my post: I would like to be able to cite the specific section or statute which applies. I was worried that there just might be a legal loophole they are using!

They have just hit me with a late charge for the first time, so I am about to respond to that. But I had noticed that they were posting late this way before. There is an ongoing dispute and I figured they were just trying to generally make me look worse.

I am absolutely keeping up with the paper trail – duplicate receipts for each payment mailed. You get the green card mailed to you, of course, but you can also request a copy online. You get a full page and it is a little more official looking.

The mortgage is with USAA Federal Savings Bank, but it is managed by PHH Mortgage and, more recently, Cendant. It has not actually been transferred, it is still with USAA. Their headquarters is in San Antonio, but the mortgage correspondence and payments go to Mt. Laurel, NJ. I would most certainly appreciate that address!

I am not familiar with the “Summary of Rights”. Is it also known by another title, or could you give me a link?

Thanks again. You guys on this forum are the best on the Web! I always know I will get a response before the day is out. :)

Rose

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No I am not aware of any exact law regulating this; but also I am not much on research either. I DO KNOW that recently one major credit card company was hit with a class action suite over their policies on when they post customers payments (which resulted in late fees). So these is definately something to this for you to follow up on.

Summary of Rights: this is the legal disclosure which you are entitled to whenever having been turned down for credit. It briefly covers credit reporting & your rights in regards to disputing. In the back if lists names & addresses for serveral places to dispute with depending on which type of business you are dealing with.

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