No. of Recommendations: 0

The main reason why I decided to do auto debit is because my parents had paid on-time 28 years of their 30 year mortgage and they missed one payment for some reason (they got busy or something). 2 weeks later, they got a letter from the bank saying the bank wanted to foreclose. My parents were ticked because they knew that they had so much equity in the house (and it had appreciated DRAMATICALLY over 28 years). So the bank would have gotten a GREAT deal on the house.

That sounds very fishy to me and appears as if the bank was trying to prey on an older (I have no idea how old they were but made an assumption) couple that might just sit idle and think that was the penalty for one late payment.

I sincerely hope that they no longer do any business with this bank and have taken their money elsewhere! I can understand why you have some apprehension.

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