I make my mortgage payments on-line through my bank. I have set the payments on a bi-weekly basis with an additional amount that goes towards the principal. I sent my mortgage company a registered letter return receipt stating this and received confirmation of them receiving it.
Recently I talked with my mortgage company and asked them about the payments. They told me that they would not accept the payments on a bi-weekly basis unless I signed up on their plan and paid a fee to do so. I have free on-line bill-paying through my bank, and my account has been deducted on a bi-weekly basis. Are the mortgage company's stipulations legal? Do I have any recourse in this matter?
You need to read the loan documents to learn if the mortgage company's requirements are permitted. There may be a provision there that affects what you're trying to do. If there is no contractual provision, you could ask the mortgage company to provide you with their legal justification for refusing your payments made in this way.
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You need to read the loan documents to learn if the mortgage company's requirements are permitted. There may be a provision there that affects what you're trying to do. If there is no contractual provision, you could ask the mortgage company to provide you with their legal justification for refusing your payments made in this way.
