Mannerheim

Mortgage Payment Strategies Needed - Please ASAP!

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I've got a situation where I was told by the new mortgage company that I was refinancing with, that I didn't have to make my final regular payment to the mortgage company that I was leaving. I was told that the payoff amount generated by the current mortgage company and provided to the second mortgage company, included all monies due.

Of course, as luck would have it, the second company made my payment late, or gave me bad advice, and now the old mortgage company is showing me 30 days late.

I know that there is a law covering the consumer regarding payment of the new mortgage, but is there anything useful to fight the posting of a late payment by the old mortgage company?

Thanks for the help.

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I've got a situation where I was told by the new mortgage company that I was refinancing with, that I didn't have to make my final regular payment to the mortgage company that I was leaving. I was told that the payoff amount generated by the current mortgage company and provided to the second mortgage company, included all monies due.

Of course, as luck would have it, the second company made my payment late, or gave me bad advice, and now the old mortgage company is showing me 30 days late.

I know that there is a law covering the consumer regarding payment of the new mortgage, but is there anything useful to fight the posting of a late payment by the old mortgage company?

Thanks for the help.

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The only thing covering this subject is that mortgage companies must post the payment to the account on the same day they received it. If the funds were disbursed late, you should be sueing the title company for sitting on the funds. The title company is supposed to wire-transfer the funds 3 business days (recission period) after you sign the paperwork. Saturdays count as business days if the new mortgage company accepts payments on Saturdays.

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If they charged you money (ie: "included it in the loan") to make the last payment, and failed to do so in a timely manner, I would be filing complaints against them. Sounds to me like you've tried everything else to get this straightened out, and nobody feels it's a serious matter to address.

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Thanks for responding so quickly. I'm trying to get this resolved ASAP to do a refi this month.

The title company disbursed the funds as they received them, and the payment posted accordingly.

My issue is that I was told by the new mortgage company that the $$ were included in the payoff, and not to pay the company I was leaving.

The old mortgage company is telling me that I was expected to pay them.

If a payoff statement is generated by company #1, shouldn't it be an acknowledgment that a payoff is on the way, and the comsumer somehow protected from company #1 posting a late payment. I was, after all paying interest for every day that their payment was not received from company #2.

Thanks for the help.

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Posted at the same time, Methuss :)

Does it matter what the old mortgage company says??? You gave money to the new lender who was supposed to take care of it. Now you're stuck with a late pay because they didnt...

I'd give them one chance to make it right, then I'd file complaints. Basically you handed them money and they kept it.

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I'd give them one chance to make it right, then I'd file complaints. Basically you handed them money and they kept it.

Sheesh! Kinda makes you wonder if you really want to be doing business with them... I mean- I understand that occasionally things fall through the cracks... but right from the get go they're trouble!

Good luck!

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