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Saabnet is great place oozing with expertise from many fields so I thought I'd try to get some recommendations from the great people here regarding a problem I discovered I had this morning. Here's the story:
I'm 30 and recently purchased my first home, shopped around, and ultimately went through a mortgage broker to get some decent rates. I ended-up going with two 30 year fixed rate mortgages, a primary and a secondary, to aviod paying monthly mortgage insurance for having less than 20% initial equity. The rate on the second smaller mortgage isn't great, but I figured it would be better paying a higher rate and developing some amount of equity rather than throwing the money out the window for insurance.
So, during the past three days I've been getting automated phone messages from the bank that purchased my second mortgage, telling me that their support staff is available at 800-XXX-XXXX and that I can call if I have any questions. Fine. So today I called just to say hello and find out that my last 3 payments have not been applied to my account and that my account is now over due! I also found out that they have been sitting on my last three "partial" payments. The phone rep was very careful repeating the following phrase: "I ask that you pay the full amount of $XXX in one single payment at the time when due".
Initially I made a half payment before the 1st due date, and in the past month I've sent two more half payments. So I am actually a 1/2 payment ahead of schedule and basically, the bank is refusing to process my payments unless it is received as a single payment for greater than the scheduled amount. So the rep. told me that the money they have from me will now be processed (because of my phone call) after a 5 day waiting period--but they will not process the 1/2 payment that they already have from me for the coming month. The only option I was given is to call at the end of each month after the total of the two payments has been delivered to them, and have that applied to my balance as a single payment.
The real kicker here is that they have offered to send me a "packet" detailing their bi-monthly payment plan that I can sign-up-for at a one time cost of $375.00 plus a 50 or 75 cent additional transaction fee at each payment--in order to have the privilege of them processing my payments within a reasonable amount of time, and without a phone call. Is that legal?
The broker didn't disclose any of this to me. Do I have any leverage?
Any thoughts or suggestions are greatly appreciated!
posted by 67.10.2...
, Sun, 20 Aug 2006 07:23:08, Sun, 20 Aug 2006 09:53:33
, Sat, 19 Aug 2006 16:20:48
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