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Author: determinedmom Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: Mortgage transfer question Date: 8/23/2013 3:23 AM
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I would go ahead and send the payment to the current servicer now, either using a push ACH from your bank account, or putting a check in the mail.

For most mortgage payments that are due on the 1st, there is a 15 day grace period. Most customers do not actually pay on or before the 1st, but do pay sometime during the grace period, so most customers would be making their Sep 1 payment after the new servicer started accepting payments on Sep 1.

The current servicer should accept mortgage payments at least until Aug 30 and will account for those payments when they transfer the loan to the new servicer.



Here is what confuses me.

The letter is dated on August 15 and says the servicing will occur on September 1.

They say that any scheduled payments through their website will be cancelled effective August 31.


They say that the September 1 payment "must be made payable and sent to " new servicer and give the address.

They do say that the new servicer will begin accepting payment on September 1. However, they go on to say current servicer will accept payment up to and including August 31. They say that if we haven't received new payment information prior to the next due date (which in our case is 9/1) that we should forward our check with the current coupon and current loan number to the new servicer.

So, I am confused by this. Options:

1. I do have a paper statement received in the mail and I could send a check. I am in Texas, current servicer payment address is in Pennsylvania. Mailing on Saturday should get it there by August 31, but there can be delays in the mail.

2. I think I could make a one-time payment on current servicer's website. When I click on make a one-time payment it asks if I really want to since I have an active recurring schedule on 9/1. (No it hasn't been cancelled yet, but the letter says it will be cancelled effective 8/31).

3. I could do a bill payment from my bank which I would guess would go through as an electronic payment so would be fast. I don't know if it matters that I haven't done any transactions initiated from bank to the servicer (I've always made my payment as automatic debit from servicer's website).

4. I could mail a check to the new servicer (who is Oklahoma) but it likely arrives before 9/1 if I send it this Saturday.

Given these options - which one is the most likely to make this all go smoothly?
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