Just got call from my mortgage company informing me I am late on Decembers mortgage. The past four months I have used up all the coupons in my mortgage book and paid up till March of 2000. They just had a major merge and apparently the data is not exchanging from one system to another then she said "what I need you to do......" I then said "I am not doing anything you do it." I have my cancelled checks and the amount of my morgage balence is offset by payment made ahead. I have been getting late notices now for four months on each payment sent. One payment on the check shows that the transaction on their end took 21 days to cash and credit to my account. The check was mailed on the fouth of October and cashed on the 25th.

Folks this is only the beginning. The banks are not compliant and the shit is about to hit the fan. By the way the bank is Sun Trust lol.

-- Susan Barrett (sue59@bellsouth.net), December 18, 1999

Answers

Yup. Net-tel just credited me for a check I wrote in early October. The works are getting just a bit gummy, if you ask me.

-- Faith Weaver (suzsolutions@yahoo.com), December 18, 1999.

Thanks for the tip, thats the bobos that I have my mortgage with, I now know to be on the lookout. Thanks again

-- Notforlong (Fsur439@aol.com), December 18, 1999.

Susan,

I have been in the mortgage business for 21 years and have owned my own company for the last nine. I could be wrong, but I am not aware of any lender anywhere that will allow you to make payments ahead of time and not make a payment for that month when one comes due. For instance, you stated that you have paid your payment until March 2000, you will still have to make a regular monthly payment in each of the months you paid ahead on or you will be slapped with a late payment fee. You can make all the additional payments you like for as long as you want to but you still have to make a regular payment each month. On virtually anything else you can buy on time; cars, furniture, boats, etc., you can make additional payments and then not have to pay one until the month that you are paid up to starts, but with a mortgage it is different.

Like I said, I could be wrong but my advice would be that you check and make sure about this with your lender. I'd hate for you to have your credit rating hurt because of something like this.

Just trying to be helpful.....

Don

-- don (mrmtgman@aol.com), December 18, 1999.

My very first act of Y2K preparation was to clear ALL of my debts. That in itself may turn out to have been the wisest move.

-- Forrest Covington (theforrest@mindspring.com), December 18, 1999.

I paid ahead with Mellon when they had coupons and there was no problem. I guess Chase just bought them because now I receive a bill once a month. I have little faith in this financial system but I don't want it to become toast.

Following this board and many others on the net over the last few years as well as doing some successful investing has led me to the understanding of how complicated our financial system is yet how easy it would be for all of it to fail.

As my son says,"This could get ugly".

-- ghost (fading into the@background.com), December 18, 1999.

Sprint PCS....tells me it's taking them 15 days to clear payments....so i should send my check in 15 days before the due date (LOL)...i told them, duh..the due date is when it's due, you fools.

also, no AT&T long distance bill this month (1st time that's happened).

-- INever (givemyrealname) (inevercheckmy@onebox.com), December 18, 1999.

The crack of the whip, the shrill whistle into the nigrescent dawn, and a loud "giyya up, giyya up you doggies!" and the herd stirs. But against the crest of the mountains a storm that has amassed to fruitian, begins to pour over into the valley. The distant clap of thunder sends shivers of forboding into the watchers very soul. "Not good, not good" (sigh)mm

-- Michael (mikeymac@uswest.net), December 18, 1999.

Don and Sue,

FWIW My mortgage co., Temple Inland, Texas, told me I could make payments in advance and would just have to be careful to note that information - especially on the check "memo" section. I would then not have to mail payments for those months (of course I never DID it, but I did have good intentions). Good luck!

-- Kristi (securxsys@cs.com), December 18, 1999.