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Chris Bitler

Unapplied funds to Mortgage

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I was just recently surprised by a mortgage payment today of $729.30 and it said "unapplied funds" underneath. I have been paying my mortgage every month and a few times I was 10 days late because I don't make a lot of money and had to sacrifice prescription drugs and food to pay it. I have not gone on vacation in a couple of years because I am trying to save money. In other words, I don't have much of a social life. I have been making my payments each month, even paying the extra fees to pay it online. The mortgage's website as well as I have evidence that the mortgage was paid each month. What the hell is "unpaid funds" because I have been making my payments each month. I was never 30 days late in payments and I cannot afford $729.00 if I cannot meet the original payments. Desperate for an answer. I called the mortgage company within their business hours at 7:30 pm and was kept on hold for over an hour until 8:30 pm when an automated message told me at 8:30they are closed for the day when they advertise their business hours until 9:00 pm.

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The mortgage payment is required to be made on or before a specific date, usually the first of the month.  Most mortgage notes require a late fee if the payment is more than a few days late.  It is sometimes called a "grace period"    Five days is common.  If you made your payment after the grace period you must pay a late fee which accrues.

 

Did you pay all the late fees that accrued?

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