I have my mortgage with BOA (they purchased it from original lender). I also have a VISA with them and a checking account. I have a perfect payment history with them. I will not be able to make my mortgage payment on the first. Should I call them and work it out ahead of time? I assume that I should. What are the ramifications? Is it likely to cause problems if I am only a week or two late? Thanks
Karen There shouldn't be any major ramifications for only being a few days late, however, they most likely will hit you with a late fee (depending on how many days late you are...I believe you have 15 days grace on a mortgage). Calling them in advance may casue them to waive that fee, but I don't have any real knowledge on that. fla-tan
Your payment at BOA Mortgage will not be counted late unless it is not received by the 16th, Assuming your payment due date is the first. You can also make your payment at a BOA branch and get a receipt showing the payment was received that day. As long as it is by the end or day on the 15th, it counts as on time. I inquired about an automatic payment they offer and the rep said to have it auto debited on the 15th of each month. My payment is due on the first. I asked if the late payment (after the first) would look bad on my internal credit record. He stated you would think so, but as long as it is received before the 16th, no problem. If they do receive your payment late, the computer automatically generates a late fee. It doesn't go on your credit report unless the payment is over 30 days late.
Sign up for online banking, I have the same accounts as you, then all you need to do is transfer funds from checking to mortgage or credit card. One less thing you have to mail out if you get it in by 3:00 est. A late fee is all you will get hit with unless you are 30 days. I think if you call them and talk to them they will understand if you have a good reason.
