Are mortgage companys allowed to refuse payment if your payment is late?

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My Sister is 10 days late on her mortgage payment. The mortgage company stated that they would not accept the late payment and she needed to make the past month and next months payment together. Is it legal for Mortgage companys to do this? They cannot refuse payment can they? BTW, this is not the mortgage company she financed her loan through. The company was purchased by First Horizon several years ago. She did not agree to this with her original mortage company and was not advised of this ‘rule’ after the buy out.

  1. Reply
    May 1, 2011 at 6:51 am

    yes they are– but they usually wont unless youve consistently been late

  2. Reply
    May 1, 2011 at 7:01 am

    They don’t want you to always be a month behind. So they’re saying that you need to pay this late month’s payment with next month’s payment. Just pay them and keep it up to date.

    Also, almost always your loan gets sold to another company and I’m sure if she looks into her copy of the documents, she will see a disclosure stating this.


  3. Reply
    May 1, 2011 at 7:59 am

    All companies have different policies, but if she makes her payment they will accept it. Tell her to pay by phone or thru the web. Once your account goes 60 days past due, they will accept nothing less than the amount to get it current. Some smaller companies even do that at 30 days past due. At ten days past due with the next payment not even due yet they have no legal leg to stand on.They CANNOT demand payment for a month that is not due yet.

  4. Reply
    jon g
    May 1, 2011 at 8:36 am

    YES THEY CAN. Read what you sign when you got the mortgage. Also note that if you miss one payment most bank/funders can put you in foreclosure right away. Read what you signed. I do foreclosure bail out and see this all the time

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