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I pay my mortage before it is 30 days late. I called my mortage company at 2:00 PM PST on August 29 to pay using their phone automated service. It will not post to my account until Sept. 2. I called the Mortage company and asked why it did not post today. I was one hour late. They stop posting at 4:00 PM EST and I will be reported 30 days late. Is this legal?




It generally is legal for banks to have a cutoff time. This gives them time to close business and post all transactions before the staff goes home, so that when they come in the next day they are ready to start posting for that day.

We may not agree with it, but pretty much all banks/finance co's have a cutoff time.

If you don't have a history of being late, you might ask them to back-date your payment, taking into consideration it was only an hour. I've done that for my customers before to save a late charge.

Sub: #1 posted on Sat, 08/30/2008 - 05:15

DebtCruncher DebtCruncher
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(Posts: 2296 | Credits: 269.79)

Or even if they won't back date it, you might ask them if they will remove the late payment from your credit report. I once had a similar situation with my mortgage company. I wrote them a nice letter explaining the situation, and pointing out that I had never been late before, and also describing what my misunderstanding was that caused me to be late that particular time. They agreed to remove the late payment from my credit report.

I've also had similar success with credit cards (back when I had good credit and was never late). One time, I misread the bill and paid a slightly lower amount than my minimum payment, and another time (different card), I paid online a few minutes past their cutoff time. Both times they removed the late fees from my account.

Good luck!

Sub: #2 posted on Sat, 08/30/2008 - 05:34

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

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