House payment ?
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Thread: House payment ?

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    Default House payment ?

    My house payment is due on the 1st with a grace period to the 17th. If we pay before the 17th it is held until just before the 17th. If we pay a day or two brfore the 17th it goes right through. This month I asked dh to check on it (his job Is more flexible than mine). They said if it didn't show by the next day to come back in. Well guess what, it was showing the next day. I smell a rat but can't prove it to my dh. What do you think?

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    Registered User Greebo's Avatar
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    Quote Originally Posted by ansley View Post
    My house payment is due on the 1st with a grace period to the 17th. If we pay before the 17th it is held until just before the 17th. If we pay a day or two brfore the 17th it goes right through. This month I asked dh to check on it (his job Is more flexible than mine). They said if it didn't show by the next day to come back in. Well guess what, it was showing the next day. I smell a rat but can't prove it to my dh. What do you think?
    Ultimately it doesn't matter since the interest you owe is calculated monthly not daily.

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    Registered User CookieLee's Avatar
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    I have no idea what you're talking about? A rat? What do you think they are doing with your payment? Are you getting charged late fees?

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    No late fee but I dont see why they would hold it for half a month. Could they be getting half a months interest off it?

    I wasn't positive how often the interest is calculated. They update the amount owed when they get a payment. When we had a car payment I could see the interest. With the house I can't.

    So, y'all don't think I should be concerned that it can take about two weeks to go through?

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    How are you submitting payment? Electronically? Via check?

    I'm curious as to how you know how long they are holding the payment.

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    Dh goes into the bank and writes the check.

    I just found it very odd that if dh pays it on the 1st it may show up on the 14th or 15th. But if he pays it on the 14th or 15th it shows up by the next day. If they only process in the middle of the month, why give a due date of the 1st? Not to mention when dh went in this month to ask about it, it showed the next day.
    Last edited by ansley; 03-14-2013 at 08:54 PM.

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    Registered User dcompton's Avatar
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    Why not go in and discuss it with them? There may be a plausible reason they are processing it this way. Then at least you would know.

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    That is what dh did on tue. They just said to give it one more day.

    Dh gets an hour lunch and I get 20 min. After work i play mom's taxi. It is just easier for him to go.

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    He asked them why they waited until the 17th each month, or he asked when it would be posted? It sounds like he got an answer to the second question, not the first.

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    I think they just process them mid month. a due date gives them time to process, allows them a grace period, and then shows in your credit that you pay by the due date.

    Uf they made the due date the 17th then they'd still need a grace period.

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    I'm guessing you pay through a payment booklet. Ask them to switch you to a monthly statement.

    As to whether or not they are earning money off your PAYMENT every month, they can't because they haven't cashed the check, right? If they don't "process the payment" until mid-month that means they don't have the money until then. However, if you make a payment on the 1st, the check is cashed on the 2nd and they don't post you as paid until the 17th, I'd be upset. I doubt they are doing anything illegal but I'd want the payment posted when the money is paid, not when they get around to it. After all, what if they screw up a month and don't post your payment in time and make you incur a late fee?

    And, you don't have to go to the bank, there is this new invention called the telephone. It allows you to speak with people without actually having to be with them in person. You should call them and insist that from now on you want your payment posted when you actually pay it.

    Lastly, look at your loan papers. It should indicate that your interest is calculated monthly. As Greebo said, if you paid by the 16th then you are considered paid for that month. If your interest is calculated daily and they are waiting days or weeks to post your payment, consider re-financing to get better terms.

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    Technically you are late if you pay past the 1st of the month, even though the bank allows you the grace period. My bank does an auto withdrawal on the due date, but it doesn't post for 3 days later. Really doesn't make sense to me either. I make sure "No matter what" I see it posted in our account prior to the 15th of the month or I call. good luck

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    I know I'm tech late after the 1st. That and compounding interest is why I try to get dh to pay by the first. He sees no reason to if they aren't going to post it for almost 2 weeks.

    Paying later in the month is the only reason I can see that some months a few $ less goes to P than the previous month. Even if dh tech paid earlier in the month than he did the previous month. It some how post later in the month. I haven't asked dh to ask because I thought it was the paying so late in the month. He is finally paying on time consistently and it is still happening.

    Can't refinance because we supposedly don't owe enough. Which i dont understand, here my dream home was listed for just above 100,000. Big 2 story Victorian with balconies, in a good neighborhood and well maintained. It sat empty for years and I don't know what it finally sold for.

    I can't call from work. After work I can call but must be the Corp office and they say go to the local branch. Local branch is closed by the time I can get there. Catch 22.

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    I get it now. because they are not posting your payment until later, that amounts to more of the compounding interest you must pay on your mortgage and less on the principal.

    This, I believe, is devious.

    Try paying for it through a statement, electronically, or days before the first. Then document how long it takes to post. Keep documenting. This might require a call to the attorney generals office in your state.

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    I asked dh to check on this last month. Lo and behold, this month it went straight through. Now that we are in BS 4, 5 & 6 (have been for a few months) I will be keeping a much closer eye on this. Thanks everybody.

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