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Paying your mortgage on time apparently now isn’t good enough for one of the country’s largest mortgage lenders-GMAC.
Surprisingly, with all the problems mortgage lenders have with loans that are not being paid GMAC has time to make threatening collection calls to its borrowers who are paying on time.
The standard residential loan and mortgage state that payments are due on the 1st of the month, but they will not be considered late if the payment is received by the 15th of the month. Because the payment is not late until the 15th, many people choose to send their payments right before the 15th. This is much easier to do now if you are paying electronically such as with a bank’s online bill pay service.
So one would expect not to receive collection calls if their payments were received by the 15th of the month.
Nonetheless, GMAC starts making collection calls after the 1st day of the month. They make these calls several times a day, everyday of the week. Yes, they do call on Sunday morning too. The caller says you are late with your mortgage payment and if immediate payment is not received they will foreclose.
GMAC customer service representative explains that its “investors” have asked them to make these calls after the 1st of the month even though GMAC knows and admits that the payment is not late if they receive it by the 15th of month.
If anyone has had a similar experience with other mortgage lenders I would like to hear about what are lenders are doing this too.
Surprisingly, with all the problems mortgage lenders have with loans that are not being paid GMAC has time to make threatening collection calls to its borrowers who are paying on time.
The standard residential loan and mortgage state that payments are due on the 1st of the month, but they will not be considered late if the payment is received by the 15th of the month. Because the payment is not late until the 15th, many people choose to send their payments right before the 15th. This is much easier to do now if you are paying electronically such as with a bank’s online bill pay service.
So one would expect not to receive collection calls if their payments were received by the 15th of the month.
Nonetheless, GMAC starts making collection calls after the 1st day of the month. They make these calls several times a day, everyday of the week. Yes, they do call on Sunday morning too. The caller says you are late with your mortgage payment and if immediate payment is not received they will foreclose.
GMAC customer service representative explains that its “investors” have asked them to make these calls after the 1st of the month even though GMAC knows and admits that the payment is not late if they receive it by the 15th of month.
If anyone has had a similar experience with other mortgage lenders I would like to hear about what are lenders are doing this too.
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