Homecomings Mortgage for the last 40 years, has had
Mortgage payments due on the first of every month. After the
16th of the month if payment is not received you became delinquent.
But recently they initiated the following rule.

Unfortunately, as the investor on your mortgage has placed this requirement on all mortgage companies with whom they invest, Homecomings Financial is unable to alter the policy of calling before the end of your grace period.
They now call electronically day and night if payment is not made by the first of every
Month.

What is your opinion of this practice? That would mean all the mortgage holders
Are paying their mortgages on the 1st of every month.

Quote:

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Originally Posted by Oneill474

Homecomings Mortgage for the last 40 years, has had
Mortgage payments due on the first of every month. After the
16th of the month if payment is not received you became delinquent.
But recently they initiated the following rule.

Unfortunately, as the investor on your mortgage has placed this requirement on all mortgage companies with whom they invest, Homecomings Financial is unable to alter the policy of calling before the end of your grace period.
They now call electronically day and night if payment is not made by the first of every
Month.

What is your opinion of this practice? That would mean all the mortgage holders
are paying their mortgages on the 1st of every month.

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I've learned a lot. So much for the good faith estimate.when the master
Told me yes, a mortgage is not a done deal till all the papers are signed and the money is in escrow. All those promises do not mean a thing

I would be on the street corner begging for money before I would have a mortgage from Homecommings, refi this to another lender.

I can tell you horor stories about some of their practices.