Bank Scam
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
Bank Scam (by DanNBos [MA]) Aug 9, 2017 8:52 AM
       Bank Scam (by S i d [MO]) Aug 9, 2017 9:23 AM
       Bank Scam (by AllyM [NJ]) Aug 9, 2017 10:28 AM
       Bank Scam (by LisaFL [FL]) Aug 9, 2017 10:35 AM
       Bank Scam (by Landlord ofthe Flies [TX]) Aug 9, 2017 12:00 PM
       Bank Scam (by WMH [NC]) Aug 9, 2017 12:12 PM
       Bank Scam (by Amy [MO]) Aug 9, 2017 1:46 PM
       Bank Scam (by Steve [MA]) Aug 10, 2017 3:10 AM
       Bank Scam (by Barbara [VA]) Aug 10, 2017 3:45 AM
       Bank Scam (by MikE SWMO [MO]) Aug 10, 2017 3:54 AM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

Bank Scam (by DanNBos [MA]) Posted on: Aug 9, 2017 8:52 AM
Message:

This is a first for me.

I pay extra monthly money towards the principle only of an investment property.

My regular mortgage payment comes out of my account automatically.

All was fine until this month when the bank adjusted the auto draft regular mortgage payment to account for the extra payment.

So both payments equal the monthly mortgage payment.

Basically, I'm making only the regular payment and nothing extra to principle.

Whats up with that ?

--98.216.xx.x




Bank Scam (by S i d [MO]) Posted on: Aug 9, 2017 9:23 AM
Message:

This isn't a scam but is more likely a screw up. Banks are pretty tightly regulated, so the odds of them "scamming" anyone on purpose are extraordinarily low. They get fined and/or closed down for stuff like that. Yes, they will sell you crummy products on occasion like bi-monthly mortgages you have to sign up and pay $400 for, but you have to agree to the terms.

A call to your loan servicer is in order. Explain the situation and ask for a current print out of principal due. By making a larger payment, your principal SHOULD be going down at the same rate as it was before when you submitted the extra payment manually. The amount of interest due per payment period should not have changes unless you have an ARM loan; therefore anything extra goes to principal (or possibly escrow if that is required on your loan). Regardless, even if they are escrowing, tell them to apply it to principal instead of escrow. --173.19.xx.xxx




Bank Scam (by AllyM [NJ]) Posted on: Aug 9, 2017 10:28 AM
Message:

Is it Wells Fargo? I heard they pulled another scam last week. Don't remember what it was but earlier in the year their employees were opening fake accounts for people so they could get the credits and bonus money. --73.33.xxx.xxx




Bank Scam (by LisaFL [FL]) Posted on: Aug 9, 2017 10:35 AM
Message:

When I had mortgages I was always required to tell them how I wanted and extra payment applied.....if it was a payment of Principal and interest or an interest only or principal only payment.

If you tell them nothing they treat it as an extra principal/interest payment --173.170.xxx.xxx




Bank Scam (by Landlord ofthe Flies [TX]) Posted on: Aug 9, 2017 12:00 PM
Message:

Sounds like they entered it as paying ahead rather than paying down. --108.69.xxx.xxx




Bank Scam (by WMH [NC]) Posted on: Aug 9, 2017 12:12 PM
Message:

LLOTF is right, that's what they did. I've had it happen a few times! So now I wait until the standard payment is auto-drafted AND CREDITED (takes a few days.) Then I go online to their website and look at principal balance and use their EXTRA PRINCIPAL PAYMENT ONLY option.

If I wait too long, they want the next regular payment as well. So it has to be a day or two after autodraft. --173.22.xx.xx




Bank Scam (by Amy [MO]) Posted on: Aug 9, 2017 1:46 PM
Message:

This happened once. We paid the mortgage, but they used it for an escrow payment instead. So we called to contest, but they would not remove from credit report, nor would they put the funds back. Pretty sure this WAS not right, as the payment was OBVIOUSLY the exact amount we paid for mortgage. --136.32.xxx.xxx




Bank Scam (by Steve [MA]) Posted on: Aug 10, 2017 3:10 AM
Message:

Issues like this are why I love dealing with small local banks & credit unions. --72.93.xxx.xxx




Bank Scam (by Barbara [VA]) Posted on: Aug 10, 2017 3:45 AM
Message:

I had an issue once where the bank took all my individual mortgage payments and apply them to one mortgage. Of course that put me behind in the other mortgages with late fees. I could not get them to correct it. Even went to local branch who tried to help me but they couldn't get it corrected. After over a month of getting nowhere I contacted the O.C.C. and it was corrected within 24 hours. The thing that really upset me was the bank president offered me a gift card of $100 for my troubles. I asked for a travel mug instead. He agreed but NEVER SENT IT! --68.107.xxx.x




Bank Scam (by MikE SWMO [MO]) Posted on: Aug 10, 2017 3:54 AM
Message:

We had a guy around here who was paying his money to the bank for his mortgage payment, his taxes, escrow, and anything else he was supposed to be paying. The bank did not take his money and pay the taxes and so I brought the property at a tax sale. After the Redemption period And I got the title to the land the bank contacted me and wanted to buy it back. I had paid $2,500 at a tax sale and they offered me $7,000 dollars. I told them no. After a few more insults to me with low prices I told them I would sell it back to them for $25,000. They wrote me a cashier's check and I sold it back to them. The funny thing is somehow it went back on the market at tax sale again in three years and I bought it again. I had to give another $2,500 for it. This time I sold it to an individual for $ $14,000. I haven't seen it back on the tax sale books YET. But I am looking. --98.22.xx.xx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: Bank Scam
Your Name:
Your State:

Message:
Bank Scam
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: