Can someone reassure me - late mortgage payment through no fault of my own

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BuckyBadger
Posts: 1052
Joined: Tue Nov 01, 2011 11:28 am

Can someone reassure me - late mortgage payment through no fault of my own

Post by BuckyBadger » Tue Jun 18, 2019 8:17 am

My mortgage and my banking are through the same bank. I've had my mortgage on autopay since its inception.

Toward the end of last month there was a notice on my landing page that there was going to be some online servicing and mortgage payments would not show as coming out on the 1st of the month but that they would come out eventually and would be considered as having come out on the 1st.

So color me surprised when logging in this morning after being out of town for a week that it was showing me as being delinquent on my loan and 17 days late with my payment.

I immediately called the mortgage number and had a payment made and will re-set-up my automatic payments but the language on the website about late payments is so dire I'm now terrified that the bank's mistake has done something to my good credit.

Can someone please reassure me that this isn't going to be a problem going forward? I've filed a complaint with the bank. At this point I wish I could sue for emotional distress!

Silk McCue
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Joined: Thu Feb 25, 2016 7:11 pm

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by Silk McCue » Tue Jun 18, 2019 8:31 am

BuckyBadger wrote:
Tue Jun 18, 2019 8:17 am
...

Toward the end of last month there was a notice on my landing page that there was going to be some online servicing and mortgage payments would not show as coming out on the 1st of the month but that they would come out eventually and would be considered as having come out on the 1st.

...
Based upon this statement from the bank I don't understand your fear. Since mortgage and banking are the same bank their is literally no chance of this being a ding on your payment history. Give them a call to ask when your account will reflect an on time payment.

Cheers

chevca
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Joined: Wed Jul 26, 2017 11:22 am

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by chevca » Tue Jun 18, 2019 8:37 am

Since you just discovered this and you said the bank was aware of this, I'd let it play out for a few days before thinking of suing them. :happy

I can understand why it would be distressing. I can be obsessive about making sure payments go through on time. But, let things finalize on this one before freaking out too much.

Nowizard
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Joined: Tue Oct 23, 2007 5:33 pm

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by Nowizard » Tue Jun 18, 2019 8:46 am

You can call your mortgage company or log into your account to determine whether it has been paid and whether a late fee has been charged. If no fee, you are fine. If a fee, call. They will remove it and reassure you. Of course, you can just wait, but I understand how you want to protect your credit and want to know immediately.

Tim

jharkin
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Location: Boston suburbs

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by jharkin » Tue Jun 18, 2019 8:52 am

Definitely call them and ask... but you probably are OK. Typically you have a 14 day grace period before a late fee is assessed, and usually only 30+ day late payments are reported to the credit bureaus.

Skiandswim
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Joined: Tue Dec 21, 2010 3:24 pm

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by Skiandswim » Tue Jun 18, 2019 1:35 pm

+1 "Call them"

I had a bank error that resulted in a late mortgage payment with TD Bank. To cut to the finish, they did not want to discuss the error, BUT forgave the late penalty and eliminated any credit reporting. Good luck

veindoc
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Joined: Sun Aug 14, 2016 9:04 pm

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by veindoc » Tue Jun 18, 2019 2:03 pm

BuckyBadger wrote:
Tue Jun 18, 2019 8:17 am
My mortgage and my banking are through the same bank. I've had my mortgage on autopay since its inception.

Toward the end of last month there was a notice on my landing page that there was going to be some online servicing and mortgage payments would not show as coming out on the 1st of the month but that they would come out eventually and would be considered as having come out on the 1st.

So color me surprised when logging in this morning after being out of town for a week that it was showing me as being delinquent on my loan and 17 days late with my payment.

I immediately called the mortgage number and had a payment made and will re-set-up my automatic payments but the language on the website about late payments is so dire I'm now terrified that the bank's mistake has done something to my good credit.

Can someone please reassure me that this isn't going to be a problem going forward? I've filed a complaint with the bank. At this point I wish I could sue for emotional distress!
It won’t affect your credit report. Payment had to be over 30 days late. If there is a late fee, I would demand it be waived.

Wakefield1
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Joined: Mon Nov 14, 2016 10:10 pm

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by Wakefield1 » Tue Jun 18, 2019 5:52 pm

I think it would be a good idea to go see someone in person at the bank.

quantAndHold
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Joined: Thu Sep 17, 2015 10:39 pm

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by quantAndHold » Tue Jun 18, 2019 5:56 pm

So you've called them and talked to a human being about this, right? Cuz that would be the sensible thing to do.

Scrapr
Posts: 330
Joined: Sun May 09, 2010 9:19 am

Re: Can someone reassure me - late mortgage payment through no fault of my own

Post by Scrapr » Tue Jun 18, 2019 5:57 pm

Our loan servicer sold out to a different servicer. Same deal as OP. Your payment will be credited and no late payment penalties. Sure enough they charged a late penalty. We paid it (because 20 hours of our time > a few $$$) Then we paid off the loan.

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