Courtesy Calls from Wells Fargo aka Shitheads

[Anonymous]

I would just ignore the calls. The payment is due on the 1st, but you have until the 16th to pay before late fees accrue. You won't get a late listed on your credit report until you are 30 days past due. There are two definitions for when you are late on a mortgage. In one definition, you would be late on the last day of the month. In another definition, you would not be late until the 1st day of the next month. Although only a 1 day difference, this is an important distinction since reporting to credit repositories is done on a monthly basis. At best, though, you have until the last day of the month to pay before you get a late.

[Anonymous]

Ignoring any other issues with paying after the due date(Yes, it is still late), you should really determine if your mortgage is a simple interest mortgage or not.(They are the most common type of loan) If so, then paying after the due date means more of your payment goes towards interest than if you had paid on time, reducing the amount going towards the principal. This will increase the time it will take to pay off the loan and cost you more in the long run. The grace period only prevents a late fee, not the normal interest accrual.

[Anonymous]

The amount of misinformation in this thread is numbing.

[Anonymous]

They call me BEFORE my car payment is even due - it's ridiculous! Thank goodness for Mr. Number - puts them right into my cell's VM

[Anonymous]

Why don't you all just set up an automatic payment? We just have the money come directly out of our checking electronically a day before it is due? No calls, no needing to remember, excellent credit...We just did a refi and I'm sitting at 874. I do all of our bills automatically out of our accounts.

[Anonymous]

For the people who say that a payment is late if received after the "due date," how do you pay bills that say they are due upon receipt, with a late fee imposed for payments received after 30 days?

I assume you put the check in the mail the same day right?

(suckers)

[Anonymous]

Anonymous wrote:For the people who say that a payment is late if received after the "due date," how do you pay bills that say they are due upon receipt, with a late fee imposed for payments received after 30 days?

I assume you put the check in the mail the same day right?

(suckers)

Are you seriously claiming that payments made 14 days after the due date aren't late, even though there are no penalties?

[Anonymous]

Anonymous wrote: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.

How badly did this effect your credit? Is the modification a good one, i.e. one that makes sense and is significantly less that it was worth the hassles?

[Anonymous]

Anonymous wrote: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.

What year did you buy your home?

[Anonymous]

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

No. They won't. My paycheck comes in on the 2nd Fri of the month. Every month. It's been the same forever. I tried to change the date of my mortgage so that cash flow means my payment always arrives on time and not in the grace period. They won't. Whatever. It's never late so I don't care.

[Anonymous]

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.

I don't think you are correct, I've been paying between the 1st and the 5th for 20+ yrs. on my mortgage and there is nothing on my credit report (not a single late payment report) and my score is still 830 so I highly doubt that.... I've had one "reminder" call in 20 yrs., that's all (not WF bank).

It has nothing to do with not being able to afford, etc., one is paying within the terms of the contract, which says one can pay anytime prior to the 16th with no penalty.

[Anonymous]

Anonymous wrote:It has nothing to do with not being able to afford, etc., one is paying within the terms of the contract, which says one can pay anytime prior to the 16th with no penalty.

There won't be any late fees charged, but there is a strong possibility you are raising the total cost of the loan by adding extra interest charges for those days past the due date. I don't think I'd use "no penalty" if it makes you pay more money in the long run.

[Anonymous]

Anonymous wrote:OP: We can afford the mortgage. Had a previous mortgage with Wells Fargo where we had scheduled payments on the 15th. Never got these calls. Never effected our credit - certainly not when we got another mortgage from them.

We do this as well - don't get calls. Have always paid right before the grace perio expires.

[Anonymous]

OP, I'm sort of enjoying the image of Wells Fargo harassing you, because you seem like a bit of an obnoxious jerk yourself, what with the gratuitous cursing in your title and some of your posts here.

That said, we have a mortgage with Wells Fargo, we usually pay on the 14th or 15th, and we have never, ever received a single phone call from them. Somebody who knows a lot about the mortgage business once told me, why let them earn interest on your money for two weeks (between the 1st and the 15th), when you can earn this interest on your money for two weeks.

I wonder, OP, do you have a bad credit record or something that is making Wells Fargo nervous? As I say, they've never bothered us for paying on the 15th.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It has nothing to do with not being able to afford, etc., one is paying within the terms of the contract, which says one can pay anytime prior to the 16th with no penalty.

There won't be any late fees charged, but there is a strong possibility you are raising the total cost of the loan by adding extra interest charges for those days past the due date. I don't think I'd use "no penalty" if it makes you pay more money in the long run.

I was wondering about that and I think that's right.