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An elderly couple in Florida got a loan modification for the mortgage on their home. They sent their first check in on December 23 2010---but the payment was due in January, so the bank was upset with the early payment (?). Then---reading different accounts---there either wasn't a signature on the February payment because it was electronic or she wrote the wrong routing number on the check----so the bank moved to foreclose.
Supposedly it's been straightened out and the bank is even paying for the couple's legal fees, but definitely not a case where the early bird gets the worm!
Sounds liike a error on the couple end and electronics don't make up for such errors. Could have easlily been advoid by checking on the account long before foreclosure. take nothig for granted even errors o your aprt is the lesson really.
Actually reading the details in that article, I wonder if it is possible that they didn't in fact pay early. The quote says that instead of paying January 1st, 2011, they paid in December 2011. I have to wonder if the homeowner wrote the wrong year on the check, in effect, post dating the check by a year. That might not have been accepted, which would have shown that the payment was not made in January. Then when the February check wasn't signed, they would be 2 months behind. The article was unclear whether January's check was actually applied or not.
But the homeowners really should have double checked. Any time you make a major change to a mortgage or revolving credit account, you HAVE to check the first few months to make sure everything goes smoothly. To just assume that because you sent the check, everything is peachy, is irresponsible.
BofA has made some doozies of mistakes over the past couple of years, and this issue should have been worked out as soon as it was brought to the bank's attention, but it doesn't appear that it was all their fault.
Paying your mortgage early should be no big deal at all, but bank incompetence can cause it to be an issue. All the more reason to not do business with a mega bank if you can possibly help it.
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