Problems with my mortgage lender

[1stTimeCaller]

The first issue I have had with them is that they keep trying to tell me that they do not take partial payments. They say that if I pay 1/2 of my mortgage every two weeks (or semi monthly) that the first payment just sits there and nothing is applied to my account until all of it is there.

On page 1 of three on form 3200 1/01, item 4 Borrower's Right to Prepay it says
"I have the right to make prepayments of Principal at any time before they are due... I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note..."

How can they tell me that I cannot make a partial payment when my contract says that I can?

Also, I made an extra payment and told them to apply it to principal. I checked and out of the extra payment I sent them 10.03% of it was applied to principal. These bastards are ****ing me off.

[Sooner24]

Who's your mortgage lender?

[1stTimeCaller]

Wells Fargo

my account number is 345-8656-9001 and my SSN is 367-63-9635 if that helps.

[Sooner24]

Wells Fargo

my account number is 345-8656-9001 and my SSN is 367-63-9635 if that helps.


It only helps if you also supply a major credit card and pin #. :D

[Okla-homey]

The first issue I have had with them is that they keep trying to tell me that they do not take partial payments. They say that if I pay 1/2 of my mortgage every two weeks (or semi monthly) that the first payment just sits there and nothing is applied to my account until all of it is there.

On page 1 of three on form 3200 1/01, item 4 Borrower's Right to Prepay it says

How can they tell me that I cannot make a partial payment when my contract says that I can?

Also, I made an extra payment and told them to apply it to principal. I checked and out of the extra payment I sent them 10.03% of it was applied to principal. These bastards are ****ing me off.

Calm down. If you read that clause carefully, it doesn't say they have to post the partial pre-payment against the principle as soon as they receive it. It just says you don't get penalized for pre-payments and that eventually, it will be applied against the principle.

IOW, STFU.;)

[1stTimeCaller]

and my mother's maiden name is Roosevelt

;)

I emailed them about the extra payment thing but I don't know how to force them to take partial payments like my contract says I can.

[Sooner24]

If you read that clause carefully, it doesn't say they have to post the partial pre-payment. It just says you don't get penalized for pre-payments and that eventually, it will be applied against the principle.

IOW, STFU.;)



Not until he gives me that credit card number and pin. :pop:

[1stTimeCaller]

If you read that clause carefully, it doesn't say they have to post the partial pre-payment. It just says you don't get penalized for pre-payments and that eventually, it will be applied against the principle.

IOW, STFU.;)

please read the last line of the quoted portion of the first post in this thread. thankyouverymuch

[Okla-homey]

please read the last line of the quoted portion of the first post in this thread. thankyouverymuch

They aren't required under that clause to credit you for the payment until they get good and ready...but THEY WILL EVENTUALLY. Can you read?;)

[Sooner24]

On my payment coupon it just has a place to pay additional principal payments. I just send in extra and it is applied to principal each month.

[1stTimeCaller]

so they could sit on 15 years of payments before applying a dime to my account?

What's your ****ing problem this afternoon?

[soonersponge]

That clause has to do with extra principle. Not bi monthly payments.

[Okla-homey]

That clause has to do with extra principle. Not bi monthly payments.

zackly.

[Okla-homey]

so they could sit on 15 years of payments before applying a dime to my account?

What's your ****ing problem this afternoon?

No my brutha. I'm just trying to to 'splain that you're barking up the wrong tree. They have the right under the contract, per the clause you've included, to post that shat when it's convenient for them and that they won't bone you for paying the mortgage off early.

I doubt they'd sit on 15 years of payments before posting them against the principle. Try this. Ask them what your pay-off amount is this instant. I bet under those circumstances, they would credit your partial payment.

[1stTimeCaller]

I just don't understand why I can't pay my regular mortgage payment on the first and then if I want to on the 15th make a partial payment and have it applied 100% to the principal of my account when they get it.

[Okla-homey]

I just don't understand why I can't pay my regular mortgage payment on the first and then if I want to on the 15th make a partial payment and have it applied to my account when they get it.

The partial payment will be applied to your account, just not instantly when they recieve your check for a partial payment. It's all good.

[yermom]

because then they lose money on the interest, duh ;)

[1stTimeCaller]

I understand that. It would save me a lot of money in the long run if they reduced my principal balance when they got that payment instead of not crediting my account for another 15 days.

the other issue is that on the second I made my regular payment. On the third I made another payment that should have gone 100% to principal yet only 10% of it did. The sooner I get to less than 80% owed on the note the sooner I quit paying PMI.

[yermom]

that 10% thing is bull****, i'd be bitching up a storm about that

can you not refinance somewhere else?

[1stTimeCaller]

I guess but I just made my first payment on June 1st.

[jk the sooner fan]

1tc - do this......take that money that you have to make the extra payment and stick it in a savings account or in another checking account, hold on to it till th next 1st rolls around and add it to your monthly payment as extra principle

[1stTimeCaller]

I guess that's what I'm going to have to do.

I'm more ****ed about them applying 90% of my extra payment to interest when it all should have gone to principal. It was exactly another mortgage payment and they're trying to bend me over on it.

[SoonerBorn68]

Hey 1TC: After much negotiating, repairing, & feet dragging, I finally get to close on my new house on July 20. We've decided on the 2-3 year pay off plan. I'm not going to have payments until I'm 70.

[1stTimeCaller]

:D congrats!!

Heck, I thought I had found a way to turn my 30 year note into a 7 year note but the bank doesn't seem to be having any of that.

[BajaOklahoma]

1TC, we had a second mortgage with Wells Fargo when we added on our house. We paid it off early and had no issues with them.

But I'm confused. Are you making monthly payments, with an extra payment toward the principal each month? Or are you just trying to make bi-monthly payments?

I'm assuming the first as you just took out the mortgage. Call your loan officier and ask nicely what you can do to get it credited sooner and as a principal only payment.

[olevetonahill]

1TC, we had a second mortgage with Wells Fargo when we added on our house. We paid it off early and had no issues with them.

But I'm confused. Are you making monthly payments, with an extra payment toward the principal each month? Or are you just trying to make bi-monthly payments?

I'm assuming the first as you just took out the mortgage. Call your loan officier and ask nicely what you can do to get it credited sooner and as a principal only payment.
You make so much sense . :D

[1stTimeCaller]

I wanted to make bi monthly payments at first but they nixed that idea.

I now make monthly payments with added principal. I had some extra money so I sent them an extra payment the day after I made the regular payment+ with a note that it was to be applied to principal. They applied it as if it was August's payment so my next payment is in September.

[soonersponge]

1tc - do this......take that money that you have to make the extra payment and stick it in a savings account or in another checking account, hold on to it till th next 1st rolls around and add it to your monthly payment as extra principle

Yes. That is the best solution.

[r5TPsooner]

Wells Fargo

my account number is 345-8656-9001 and my SSN is 367-63-9635 if that helps.


There's your problem in a nutshell! Wells Fargo blows.

Give Flagstar Bank a try.

[olevetonahill]

There's your problem in a nutshell! Wells Fargo blows.

Give Flagstaff Bank a try.
Or you could just send the payments to the "olevet bank of Natty"

[Sooner24]

Or you could just send the payments to the "olevet bank of Natty"

What kind of interest does that pay? :confused:

[olevetonahill]

What kind of interest does that pay? :confused:
70 cent a Lb on the cans !;)

[Sooner24]

70 cent a Lb on the cans !;)



:D

[Skysooner]

If you use their online payment system, you can set the exact amount of extra principal you want to pay. They will then auto-deduct it from your bank account. That has worked well for me with my mortgage lender.

[RacerX]

Start sending your payment in rolled change.

[OUinFLA]

I guess but I just made my first payment on June 1st.

so, your payment history is A-1

[Mjcpr]

I'd just write a check for the whole damn thing and be done with it. Car too if GMAC gave me any ****.

[1stTimeCaller]

I'd just write a check for the whole damn thing and be done with it. Car too if GMAC gave me any ****.

I would but I'm making so much with that money in my passbook savings account it would be stupid to do that.


;)