Citibank is by far the worst. They start calling up to nine or ten times a day....one day after the bill is due! I have an auto pay set up. They get paid when I do, but never more than three or four days after the due date and well before the 15 day "grace period".

I downloaded a ringtone for my iphone....silent. I don't even hear when they call anymore.

So how often do banks call is you are 30, 60, 90 days late? How long does it take to foreclose in DC/VA/MD?

This happens with my mortgage servicer, too (not BoA or WF). I pay during the grace period. I couldn't take the annoying calls anymore. I had been paying via automatic payment from my bank account (which is not the same bank as the mortgage holder) and I ended up just enrolling in the mortgage holder's automatic payment program so they'd get off my back. Did the trick.

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?

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?

LOL!

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?

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.

It does not affect you credit until after the 15th, more likely when 30 days late (unless you didn't catch it in your loan paperwork)

BoA poster here--not paying until the end of the grace period doesn't affect your credit rating. At least, it hasn't affected mine over the past 4 years.

I prefer to pay on the 15th--with one income I prefer to have more of a buffer in my account than I have if I pay on the 1st. If I had to pay on the 1st, I would, without a problem. But if it isn't hindering me in any way, I see no reason to.

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.

I received on of these from HSBC, same reason. I agree annoying, especially when delivered with a heavily accented voice that lacks interest in or understanding of the term "AUTOMATIC DEBIT ELECTRONIC FUNDS TRANSFER"

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.

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?!

Pay your bills when they are due. Duh!

Have to vent: We got a mortgage from Wells Fargo last year and the payment is due at the first of the month with a grace period until the 16th after which they charge a late fee. God help us if we ever want to use the grace period b/c they start calling us literally every day after the first. They call it a courtesy call reminding us that our mortgage is due - but you get the recording about "trying to collect a debt" yadi yada. Never been assessed a late fee but every month we get these calls. We do automatic payments through our bank not Wells Fargo. Apparently, if we schedule the payments through Wells Fargo the calls will stop but we don't trust the idiots to do it right. Hate them.