BofA: America's Worst Mortgage Company?

[BkinTX]

Now that we are discharged, we can access BoA's online mortgage services. I logged on to pay my bill today and discovered doing so will cost me $6 in fees.

I decided perhaps I'd better pay on the phone, as I had been doing (fee-free) throughout the bk). Turns out that will cost me $15 to use automated and some unmentioned amount more to allow a customer service rep to accept the payment.

I am quite frustrated with BoA and so glad we weren't given the option to reaffirm.

We pay our mortgage during the grace period due to how our paydays fall. Of course, this is allowed but discouraged.

$3 fee online if it's in the beginning of the grace period.

$6 fee online in the later portion of the grace period.

$15+ to pay by phone.

Can't use our bank's online bill pay because the payment will be late (late fees!).

The only *free* way to pay our mortgage after the due date, but within the grace period, is to physically bring our payment coupon in to a B&M BoA.

Fun.

I asked if we could change the due date so we wouldn't have this issue and was told no, the due date is set by the note we signed when we bought the house (backed by a different lender).

Is there any mortgage lender WORSE than BoA?

[imoverit]

that sounds about right... of course they get their fees wherever they can!

Here is an idea for you... Open a separate checking account at a different bank and set up auto pay from BofA to come out of that checking account to come out within the grace period... Say the 15th? Then you make a deposit to that account on your respective pay day... of course that is if there is no BofA near you..otherwise its simple to go in and pay... Just an idea!

[BkinTX]

I don't understand the idea.

???

Sorry, I'm dense.

Currently we get paid on the 1st and 15th (actually a couple days before, but it's not exact each month). We save half the mortgage payment from the payday (BoA doesn't accept partial payments) on the first of the month, then pay the mortgage as soon as we get paid in the middle of the month (usually more like the 12th).

Grace period usually ends somewhere around the 15th.

Easy solution is to get ahead of the bill. We will eventually. Not today though.

[imoverit]

If your payroll company would allow it...have 1/2 your mortgage deposited on the 1st and the other half on the 15th...like an allotment from your check...to a SEPARATE checking account than your "primary" (obviously a free checking account somewhere) and have BofA auto debit the mortgage on the 15th. That is within the grace period and should not incur any separate fees. If you ever need to stop or it doesn't work, you can just close the separate checking account and not mess with your primary. I worked at a bank and we offered a rate discount for auto pay and used to recommend this method. Once folks understood what I was explaining, it seemed to work. Just open the account with $5..mortgage in/mortgage out...balance $5 till the 1st... Payment will never be late and no fees.... Just an idea!

[BkinTX]

You know what...the way the Army does allotments, that could actually work. They post the entire allotment on the first of the month, and then the second paycheck is just less by that amount.

We could set an allotment for the full mortgage payment, I think, for the first of the month and do it that way. I won't let BoA auto draft it though. I don't trust them.

We actually do have 3 separate checking accounts for different expenses.