I made pmts for my mtg using quick collect. Apparently the payments have not been posted to the acct for a couple of months- I thought that talking to the lender and giving them the MTCN would resolve the issue, as Western Union stated that the funds are still there and haven't been collected. NOT! They are being real jerks! I calle dthis morning and was told that the process of researching the pmt can take up to 54 days and I am in default as I am now 90 days without pmt. I asked what my options were at this point ~I was told that I can pay the sum (with late fees, etc) and wait for them to research it, or have the bank potentially foreclose! This is a new~7mo old~ mtg. I am kinda new to all this, but can they really do that? Is it best to try to cancel the quick collect payments and lose the fees already paid to them and resend the funds? Any advice would be greatly appreciated!
2006-12-26 03:18:57 · 2 answers · asked by mattysmom 1 in Business & Finance ➔ Credit
Yes, the bank can and will foreclose without hesitation. However if you can at least mail (express) certified funds for at least one payment it wil help and mail another as soon as possible. Have your money researched and found as soon as possible in the mean time don't use that service again. Good Luck!
2006-12-26 03:32:45 · answer #1 · answered by Million C 2 · 0⤊ 0⤋
I would try to get the money back from western union and pay them directly, and do so from now on. Ask them if you pay the portion in arears immediately if htey will waive some fees due to the misunderstanding.
2006-12-26 04:35:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋