I got a note from my bank today saying that I must pay my mortgage by check or money order, no cash. Can they do this? I think its against the law. I have less than two years to pay, then my place is paid off.
There are new regulations that require mortgage loan servicers to promptly apply payments to mortgage accounts. Believe it or not, it's more cumbersome for the bank to accept a cash payment than it is to get paid with a check or money order, so cash payments can result in delayed credit, causing problems for the bank. That is likely to be the reason behind your bank's request that you not make cash payments in the future.
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There are new regulations that require mortgage loan servicers to promptly apply payments to mortgage 