Posted on: 05th May, 2011 05:08 pm
I refinanced to a lower rate, on a 15 year note. I signed up for payments to be taking out of my checking account on the 1st and 15th of the month. The payment is half the actual ammount plus extra principle. I have not received an account statment, it is the 5th month. I have look my account up on the banks web site. It shows the bank hold my 15th payments until the 1st, as unapplied funds until they take the 1st of the month payment. Is this leagal? Should my funds be posted when they secure them from my account? I can find no reference in my mortgage paper work for this, and the dirrect withdrawl of payment and bi-monthly authorization was a sepperate form after my mortgage was done. Thank you
Welcome Sfuller,
This is something that you need to clarify with your lender. Normally the lender should send you the payment statement once he debits money from your account. You may wait till the 1st of the month and find out if they provide you with the statements for both the payments together.
This is something that you need to clarify with your lender. Normally the lender should send you the payment statement once he debits money from your account. You may wait till the 1st of the month and find out if they provide you with the statements for both the payments together.
Undoubtedly the servicer isn't applying this bimonthly plan to your loan. Perhaps they sold you a bill of goods, presuming that they could do as they planned and discovered later that the accounting system in place prevents tehm from so doing.
You'll need to have a long conversation with the servicer about this, and clarify just what it is that you've supposedly received, and just what they're capable of handling.
You'll need to have a long conversation with the servicer about this, and clarify just what it is that you've supposedly received, and just what they're capable of handling.
