Ugh, I opened the mail the other day and had a notice from my bank. Due to the increase in my property taxes, my mortgage payment is increasing. Not by a little, but by $144 a month. Sigh, it's always something. My town had a property re-evaluation, my house increased in value and thus my property taxes have gone up. When I got the notice in the mail from the assessors office, I ran some comp statistics from the MLS and came up with a fairly similar figure. I will say that even though my house is small, it is retaining value. Being on a lake does help and at least I'm not underwater on the mortgage (the Escape is a different story......).
My escrow balance took a hit for the 2nd yearly payment and my mortgage payment will be increased to build back up the escrow balance and to create a cushion for the 2010 property taxes. Time for a little budget re-evalution!
Showing posts with label mortgage. Show all posts
Showing posts with label mortgage. Show all posts
Thursday, September 3, 2009
Tuesday, February 17, 2009
Payment Saga Part II
The banking saga continues...
I'm at my main bank promptly at 8:30 AM today, all documentation in hand. My main bank tells me that the error was done on the part of the bank that holds my mortgage and I needed to go see them to get it resolved. They tell me it's an encoding error on that banks part. They can't really help me out. Just as I thought, but I checked with them first.
I drive 5 minutes down the road to my mortgage bank (and I also have my small Efund with debit card access with them). I talk to the customer service rep who tries to tell me, Oh, I'm sorry about that error, but you need to go back to your other bank. Ah no, I'm not. I politely tell her that I've just been to bank one and they assured me that the error was done on the part of the mortgage bank. I point out my receipt with the correct amount, I point out the legal line that clearly says FIVE HUNDRED etc, not eight hundred on the copy of my check I downloaded from the bank's web site. I also tell her that while I don't have a copy of my payment coupon, it too should only reflect a payment of five hundred not eight hundred. I tell the CSR that I one time forgot to write 10c on the legal line of my mortgage check and I was the recipeint of a phone call that said IF I did not come down to the bank by Noon, my mortgage payment would not be processed and I would be assessed a late charge of $35. All because I forgot to write in the 10c on the legal line. (I had dropped off my payment in the night deposit window as I was out and about before banking hours and yes, it was the last day of the grace period.). I did get a second phone call from the bank saying they "found" 10c and used that to round out my payment so I would not be assessed a late fee.
I will point out that the number five I had written out was a bit loopy and maybe at a quick glance it looked like an 8, but I do know that tellers are supposed to process the Legal Line and not the number line. I do also know from a former employee of that bank that the encoding is done by the teller and that someone should or would audit the tellers work. This was not a computer glitch, it was a teller mistake that should have been caught. The extra $300 was credited to my mortgage account, someone had to manually input that $300. I paid my mortgage five days early this month, lots of time to do an audit.
My mortgage bank offers me the option of keeping the over payment to credit my account. I tell the CSR that is not an option and I want my $300 back. I'm then told the bank will process a check for the difference and I should get it in 3-5 business days. I tell the CSR you take payment out the very next day and now I have to wait a week for my reimbursement? What about a EFT to my other bank? I may have to start looking for another bank to hold my mortgage. Her reply- "I hear there are great rates out there". Not let me see what I can do to speed up the process, Not I am sorry that our bank made an error, nothing. I did call back and ask for the branch manager, much to my surprise I find out the branch manager was the CSR that assisted me this morning. Honestly, I was not all that thrilled with her service or her handling of my account. I did speak to her again and tell her that I was not happy with the encoding error or the way the bank.
Hum, my mortgage bank used to be a nice local bank and it got gobbled up by a larger regional bank. I have a philosophy that I try not to bank at an insitution that has more than 9 branches. My mortgage bank has far more than 9 branches. I am less than impressed with this bank. I'll see if that check makes it to my mailbox this week or by Monday.
I'm at my main bank promptly at 8:30 AM today, all documentation in hand. My main bank tells me that the error was done on the part of the bank that holds my mortgage and I needed to go see them to get it resolved. They tell me it's an encoding error on that banks part. They can't really help me out. Just as I thought, but I checked with them first.
I drive 5 minutes down the road to my mortgage bank (and I also have my small Efund with debit card access with them). I talk to the customer service rep who tries to tell me, Oh, I'm sorry about that error, but you need to go back to your other bank. Ah no, I'm not. I politely tell her that I've just been to bank one and they assured me that the error was done on the part of the mortgage bank. I point out my receipt with the correct amount, I point out the legal line that clearly says FIVE HUNDRED etc, not eight hundred on the copy of my check I downloaded from the bank's web site. I also tell her that while I don't have a copy of my payment coupon, it too should only reflect a payment of five hundred not eight hundred. I tell the CSR that I one time forgot to write 10c on the legal line of my mortgage check and I was the recipeint of a phone call that said IF I did not come down to the bank by Noon, my mortgage payment would not be processed and I would be assessed a late charge of $35. All because I forgot to write in the 10c on the legal line. (I had dropped off my payment in the night deposit window as I was out and about before banking hours and yes, it was the last day of the grace period.). I did get a second phone call from the bank saying they "found" 10c and used that to round out my payment so I would not be assessed a late fee.
I will point out that the number five I had written out was a bit loopy and maybe at a quick glance it looked like an 8, but I do know that tellers are supposed to process the Legal Line and not the number line. I do also know from a former employee of that bank that the encoding is done by the teller and that someone should or would audit the tellers work. This was not a computer glitch, it was a teller mistake that should have been caught. The extra $300 was credited to my mortgage account, someone had to manually input that $300. I paid my mortgage five days early this month, lots of time to do an audit.
My mortgage bank offers me the option of keeping the over payment to credit my account. I tell the CSR that is not an option and I want my $300 back. I'm then told the bank will process a check for the difference and I should get it in 3-5 business days. I tell the CSR you take payment out the very next day and now I have to wait a week for my reimbursement? What about a EFT to my other bank? I may have to start looking for another bank to hold my mortgage. Her reply- "I hear there are great rates out there". Not let me see what I can do to speed up the process, Not I am sorry that our bank made an error, nothing. I did call back and ask for the branch manager, much to my surprise I find out the branch manager was the CSR that assisted me this morning. Honestly, I was not all that thrilled with her service or her handling of my account. I did speak to her again and tell her that I was not happy with the encoding error or the way the bank.
Hum, my mortgage bank used to be a nice local bank and it got gobbled up by a larger regional bank. I have a philosophy that I try not to bank at an insitution that has more than 9 branches. My mortgage bank has far more than 9 branches. I am less than impressed with this bank. I'll see if that check makes it to my mailbox this week or by Monday.
Thursday, November 22, 2007
A Couple Blogs/Sites of Note
Part in parcel with my whole bouncing back learning curve is researching and reading all sorts of personal finance and finance related blogs and web sites. One site is MortgageFit.com This particular site has a number of discussion forums on things like credit repair, budgeting, mortgage companies, loan knowhow for first time home buyers and other forums.
The site has quality content and looks like it updates the site frequently to keep up to date as to what is happening in the world of mortgages and banking. I would recommend that if you are planning on buying a home that you look at all your mortgage options, visit this site and take some time to look at the various forums.
Check it out.
The site has quality content and looks like it updates the site frequently to keep up to date as to what is happening in the world of mortgages and banking. I would recommend that if you are planning on buying a home that you look at all your mortgage options, visit this site and take some time to look at the various forums.
Check it out.
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