Courtesy Calls from Wells Fargo aka Shitheads

[Anonymous]

I got in over my head about a year ago and seem to recall that the further behind I got, the less frequently I received calls. The notice to default initially came after I was 90 days past due. So I would pay enough that I wasnt 90 days past due. Then when I would get to that point, I would get yet another notice to default, repeat many times. I think that when I finally got past 120 days was when the bank could start foreclosure proceedings, but they never did, I assume b/c I was working on a mortgage modification plan. My mortgage has since been modified and my payments are less each month, so I can afford said mortgage, but the whole foreclosure process wasn't quick at all. I was somewhere btw 30-150 days behind for almost 2 years.

If I had a time machine I never would have taken out as much as I did, but I don't have a time machine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yeah...a grace period doesn't mean you don't have to pay it on time...just in a very hard spot that they wont charge you more money. It still effects your credit btw.

Why did you get a mortgage you couldn't afford?!

Are you stupid or an asshole?

Yes, she is both. OP, I think this is Wells Fargo. I bank with Wachovia, soon to be Wells Fargo. They have wasted more money sending the same info in the mail that they have also sent email. Have you tried calling to tell them you know the due date and it is sent to them automatically. Good luck.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yeah...a grace period doesn't mean you don't have to pay it on time...just in a very hard spot that they wont charge you more money. It still effects your credit btw.

Why did you get a mortgage you couldn't afford?!

Are you stupid or an asshole?

Yes, she is both. OP, I think this is Wells Fargo. I bank with Wachovia, soon to be Wells Fargo. They have wasted more money sending the same info in the mail that they have also sent email. Have you tried calling to tell them you know the due date and it is sent to them automatically. Good luck.

Agree, she is both. I just asked my friend who works for a large mortgage company and she said it does NOT affect your credit if you pay on the 15th.

[Anonymous]

Wow, banks wanting to make sure people pay them on time. How crazy is that? Don't they know we are all good for it?

[Anonymous]

Anonymous wrote:I have my mortgage through BoA, and they just started doing this to me on Tuesday. Same situation (due on 1st, grace period until 15th). Never happened before. I actually missed their first few calls but called back when I realized I had several calls from the same number and freaked out when I realized it was mortgage related. The woman who answered when I called said that nothing was wrong with my account and couldn't explain why I was getting calls. Then they called again, I answered, and the woman who called me didn't do a good job explaining to me why the mortgage was late if it was still within the "grace period".
All I can figure is that if there are many, many people like us who use the whole grace period, that is 15 days/month that the bank isn't making money off of our money. And they want to do so.

If it's after the due date, it's late. Even if it's during the grace period. It's pretty simple. Before due date - on time. After due date - late. After grace period - penalty.

[Anonymous]

Anonymous wrote:If money is that tight thatyou need the grace period, then you can't handle the mortgage you have. Hello, credit crisis. Let me guess - it is also Wells Fargo's fault for giving you a bigger mortgage than you can afford?

This is such self-righteous, smug, and completely misplaced crap. A grace period is a friggin' grace period. If companies give a grace period, they have to make arrangements that they manage their money appropriately so they can handle it. My tenant has a grace period till the 5th of the month. I have budgeted well enough so that I don't worry about getting his rent until the 5th. I don't call him on the 3rd and complain that he is "late."

I've owned multiple mortgages and I only once went through a period when Wells Fargo was making those stupid calls telling me y mortgage was overdue. I complained mightily and they finally stopped doing it. (Good thing - because I most definitely would not have refinanced with them.) If the mortgage companies want their money on the first, then they should charge a penalty on the 2nd. Don't tell me that I have a grace period till the 15th and then complain that my payment is late. BTW I haven't paid by the 1st in probably 20 years and I have a credit score of 804.

[Anonymous]

Aren't you accruing more interest when you pay late? I think on mine the balance between principal and interest changes depending on the date of payment. This is why some people actually pay 2x/month rather than once. So you can do what you want but be aware that it is costing you money in the long run.

[Anonymous]

Anonymous wrote:Aren't you accruing more interest when you pay late? I think on mine the balance between principal and interest changes depending on the date of payment. This is why some people actually pay 2x/month rather than once. So you can do what you want but be aware that it is costing you money in the long run.

18:19 again - Now that is a useful question, pp - unlike the ridiculously moralistic post that I was responding to earlier. I don't know the answer but I'll certainly investigate it.

And if it is the case, why are the banks so stupid as to not mention this when they call to nag about payments while still in the grace period? During that brief time when WF did call me we kept arguing about whether the payment was overdue or not. Seems like a foolish strategy to me. BTW I should add, PEPCO does call me during the grace period. DC Water doesn't call me during the grace period. American Express doesn't call me during the grace period. If they can't handle grace periods, they shouldn't offer them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Aren't you accruing more interest when you pay late? I think on mine the balance between principal and interest changes depending on the date of payment. This is why some people actually pay 2x/month rather than once. So you can do what you want but be aware that it is costing you money in the long run.

18:19 again - Now that is a useful question, pp - unlike the ridiculously moralistic post that I was responding to earlier. I don't know the answer but I'll certainly investigate it.

And if it is the case, why are the banks so stupid as to not mention this when they call to nag about payments while still in the grace period? During that brief time when WF did call me we kept arguing about whether the payment was overdue or not. Seems like a foolish strategy to me. BTW I should add, PEPCO does call me during the grace period. DC Water doesn't call me during the grace period. American Express doesn't call me during the grace period. If they can't handle grace periods, they shouldn't offer them.

You sure do have a problem paying bills by the due date!!

[Anonymous]

Anonymous wrote:If you pay after the due date, you are late. The grace period is just the period during which they will not charge you a late fee.

I used to work in a small community bank that did mortgages. Whenever someone was late--even during their grace period--they showed up the late mortage reports, plus their accounts were flagged in red on the computer.

It won't ding your credit report until you go past 30 days late, but there is a misconception that the due date isn't really until after the grace period date, and that's not true. You are late and the bank considers you as such.

I'm confused. Our mortgage is with BOA, and we have an automatic draft that occurs on the 7th of every month. That's the date that BOA picked, but I do know from my paperwork that the payment is due on the 1st. The rep told me that our payments are not considered late. Maybe I should check further?

[Anonymous]

Our mortgage is with Wells Fargo as well and we ALWAYS pay on the 15th, even though the mortgage is due on the 1st. I have it set up this way because the way our paychecks come in. We have NEVER had a call from them and we always pay on the same date (the 15th). We've had this mortgage for 13 years now and we have never once missed a payment and it has not affected our credit rating to wait until the 15th.

[Anonymous]

We have two mortgages w/Wells Fargo, one for our primary residence and another for a second home. We always pay both on the 15th. However, we only get these courtesy calls for our primary residence where the mortgage is less than 2 yrs old and have NEVER gotten a call about payments on the second home whose mortgage is 10+ yrs old: Strange.

When I ask Wells Fargo why we don't get courtesy calls for both mortgages, their answer is we SHOULD be getting them for both. WTH!

[Anonymous]

Wouldn't it make more sense (and cost less) to make 50,000 calls to folks on the 16th instead of 500,000 calls to folks on the 2nd?

The multiple calls for a bill that's under 15 days late is harassment and might be a violation of some debt collection bill (or at the least provide class action fodder for some bored housewife or country lawyer with nothing better to do.)

[Anonymous]

Wells Fargo does not do good job of explainig why they call during the grace period. I signed no paperwork with them. Before they took over wachovia I never got calls now that they bought out wachovia they start harassing me. I agree there should be some type of class action against wells Fargo For harassing folks..

[Anonymous]

Just ask them to change your due date to the 15th. They will change it and your problem will be solved.