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National City Mortgage / rip off

1 United States Review updated:
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I often "pay forward" on the mortgage, making two payments at once so I can skip the next month. There is no financial advantage to this, I just hate paying bills! In September, I sent in 2 payment coupons (for September and October). Unfortunately, my math was wrong and I underpayed the second month by $200. Now it turns out that National City did not even apply the $900+ toward the October payment because they "don't take partial payments." Nor did they send the money back to me... it is just in limbo. It should have been applied regardless of whether it was the full amount or not. National City has had the use of my money for all this time, without even applying it to my loan. RIP-OFF.

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  • Kn
      11th of Apr, 2010

    It's written in your mortgage note that the lender cannot accept partial payments under any circumstance. The limbo you're referring to is called a suspense account, which does not accrue interest, nor does it subtract anything from your balance. Typically, depending on the specific investor guidelines, the funds are held there either until the remaining portion of your payment is received or after passing of several days/weeks. I assure you this is not fraudulant or a rip off... it's stated in your original mortgage note that you signed when the loan was originated. If you're not sure, contact the customer service department and request a copy of your security instrument.

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