mortgage is auto drafted every week question

[deadbroke99]

I have Countrywide/Bank of America and they auto draft my mortgage payment every week from my checking account. I am keeping my house. My lawyer selected other on the intention form and just put that I would continue making payments. I want to keep the autodraft going. Will they be required to stop? I filed Thursday and they took it out Friday as normal. I hope they will be able to continue.

[lrprn]

Interesting situation. Since you've given Countrywide/BOA permission to withdraw from your account, they may continue to do that. However, they could pull the "we can't ask for payment during your automatic stay" and not pull the payment. They could also say they couldn't contact you to explain they intended to stop due to the automatic stay. I wouldn't trust them at all.

Ask your lawyer to call CW/BOA right away to ask if they intend to continue to pull your payments automatically or not. Better to find out now before giving them any reason at all to start foreclosure proceedings against you for 'late payments' they caused. (Trust me, it's been done before to unsuspecting, trusting new filers. Don't get caught in this particular trap.)

This particular mortgage lender has pulled shady stuff before, so even if they tell your lawyer they plan to continue, personally I would be watching that account like a hawk to be 100% CERTAIN they pull the next payment on time AND ALSO POST IT to your account by when your payment is due.

Fixing late mortgage payment issues after the fact is much harder (and more expensive because your lawyer has to get involved) than avoiding them in the first place.

Have you considered stopping the automatic payments and instead make those payments yourself through online bill pay through your bank? That way you control when the money goes and have your bank to back you up showing the payment was sent on time if any shenanigans like posting your on-time payments late on purpose are pulled by CW/BOA.

Wish I could be more positive - I've just heard too many horror stories around mortgage and auto lenders deliberately creating situations when they could foreclose or repossess to be casual about your situation.

[deadbroke99]

I could do that the automatic pay myself thru online bill pay but the last time I tried that, they credited the partial payments as an additional principal payment instead of 1/4 of the mortgage payment.

[lrprn]

Unfortunately whether you like it or not, regardless of the payment options used, you are going to have to dog your house payment accounts after you file to make absolutely certain the payments are going where they are supposed to go and are posted on time.

Is it right for you to have to do this? Of course not. The alternative? Be 100% right but still find yourself sitting in court for a foreclosure hearing because of deliberate actions by your lender to make you late so they can foreclose.

When you create your payments online, include a comment that directs how much needs to be used for which options (principal, interest, escrow, etc). Then watch to make sure that happens. If CW/BOA cuts off online access to your account (typical), then work with your lawyer to write them a registered, return-receipt letter demanding they send you a monthly accounting in writing of your account activity and how the payment is distributed. (Our mortgage company sends this to us every month with "this is not a bill" and "this is not a demand for payment' written all over it )

Welcome to the world of cold, emotionless banker greed with very few legal consequences. The cost of getting those consequences imposed on CW/BOA and other lenders in court and collecting on the damages awarded is beyond what 99% of us can afford. Banks are well aware of this and take advantage with their deep pockets - deep with our money.

[momof3b1g]

Our 2nd mortgage payment was being taken out automatically. They stopped that and I had to make payments on my own. Because of the stay they could not collect payments.

[georgiamommy]

I also have a mortgage with Countrywide and my attorney requested a reaffirmation. They did not respond to the reaffirmation request and they stopped my automatic payments that came out of my checking account each month. I can't even go online and make a payment, I tried and it gave me a message to call cusomer service . I have to mail a check to them every month now.

[deadbroke99]

That sucks. I like not having to worry about it.I like knowing that amount is coming out of my check every week that way I can never get behind on my mortgage!

[Calamity]

I also have a mortgage with coutrywide. My attorney told me she finds it almost impossible to get them to respond to a reaffirmation request. She doesn't seem to think it's a problem, since she doesn't advocate reaffirmation on anything, but it makes me nervous.

[deadbroke99]

My attorney advises me to not reaffirm.I think this is a good idea as my subdivision is now building new homes alot less than I paid in 2006 to have mine built.I know if I sold that I would never get my money back so I am not going to reaffirm but I do want to keep the payment coming out of my check.