Can I switch payment due date on a Midland Company home loan?

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GMAC supposedly sold my mortgage home loan (which I am a long standing customer and have always made payments on time) to some company called Midland Mortgage Company without warning at all. Now all of a sudden Midland Mortgage company has home loan and will only take the payment out on the 1st of the month (which I have never had a problem with picking a payment date with GMAC) whether you have money to pay it exactly on the 1st or not. Is there any way possible to change the due date with this company or were they being truthful when they said that they can only take payments on the 1st of the month (something I have never heard of with a mortgage company)? Yes, I have a good job, but haven’t had a full paycheck in a year because of the economy; people holding back elective surgery and 4 more hospitals opened up. I have taken a 15k pay cut because of the economy… so who thinks i should have forecasted the fact that banks were over inflating and corrupt politician and corrupt appraisers that were over inflating the price of homes. AS WELL AS THE BANKS. FOR the boneheads that don’t understand; I do Understand that I owe the bank money; but wouldn’t it be easier and SMARTER for everyone involved if instead of me walking away and the bank not getting their money, that they work with me in modifying the loan or at least work with a payment I can afford? Don’t you think that would not only help me, and the bank but ALSO THE BIGGER PICTURE, the economy as a whole.

4 Comments
  1. Reply
    Landlord
    January 29, 2011 at 11:09 pm

    If your original mortgage contract has a different date they have no choice.

  2. Reply
    Lisha
    January 29, 2011 at 11:57 pm

    you should be able to schedule your payments with your mortgage company, credit cards etc. so it will be convenient for you to correlate it with your budget.

    Beggining of the month, when we were young, was a nightmare…. I called the bank and asked them to make my mortgage due on the 23rd since that week was nothing happening. They were very acommodating. It was a bank not a mprtgage company.

    If your request was denied by a rep on the phone send it in writting. Sometimes a rep being lazy might tell a fib. Follow up with emails and insist. I can’t believe a large mortgage company cannot be flexible to help the customer.

    I also have a problem with automatic “taking out”. You lose your control. I prefer sending a Bank check when I give them instructions to do so. Vendors are getting just a little too nervy for their own good.

    You can always renegotiate the mortgage with another company (preferably a Bank) since now the interests are way down.

    Good luck.

  3. Reply
    chatsplas
    January 30, 2011 at 12:49 am

    Who said Life is Fair? Sounds like you Overextended yourself buying this place, but that the payments haven’t changed. The lenders have NOT been as cooperative as they should be, but again they don’t have to be, you OWE them. They have not been making as many deals as they were supposed to and promised the Prez they will do better now.
    Stick with your lender. Call them and keep calling. ASK first for loan modification. Quicker, cheaper, easier than a refi. Ask about Help for Homeowners program at lender. Talk to several people there, keep calling.

  4. Reply
    acermill
    January 30, 2011 at 1:33 am

    Your lender is not responsible for the decrease in valuation of your condo. Do you expect that the lender should just swallow the difference ?

    Why did you buy at a level which stretched your income ? If you could afford the payments when you bought the place, you should be able to afford it now. Where’s the problem, if you have a good job ?

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