Stars Align – Glitch in Delivery and Payment

I should have checked my horoscope before paying my mortgages this month. The stars aligned and starting last night at about 8 PM a giant “Kick Me” sign went on my backside. Actually at 8:09 PM I received a call from one of my mortgage servicers to remind me that my payment was due, except it wasn’t. They received my payment on the 13th and processed on the 14th of the month. The “War Dialer” didn’t know, so I had a “NICE” conversation with Mr. Jones, in which he actually confirmed that my account information and “War Dialer” were not on the same sheet of music.

I mail payments from my account with USPS.com with delivery confirmation. If the payment does not have at least a week to be handled by the delivery system, I forego first class and use Priority Mail. In this case 4 mortgage payments were mailed on June 11, 2009, via Priority Mail. Three of the four payments were delivered by June 13.

The tracking number for the fourth payment did not confirm delivery, neither had the payment posted on-line at the mortgage company. I called their customer service line and ended up making a payment from a different checking account. The fee for a telephone payment was $20.00. If the mailed check is received by the mortgage company, then I made 2 payments this month. If the originally mailed payment is not received in a “timely manner”, it may cost another $15 to $20 for a stop payment. Better paying and knowing than risking a NSF charge and rejected mortgage payment later.

After the telephone payment, I went on line to verify my account balance and discovered that an inquiry I ran last week resulted in a payment being made online. I was going to pay a different mortgage using the online bill pay. The credit union changed some policies and a payment authorized on the 11th was not guaranteed delivery until the 18th. Hmm, either my credit union and mortgage company required a mailed payment or the credit union is “riding my float”. I closed the window without confirming the payment and decided to write a check and mail it with the others. Today I discovered the payment amount was deducted from my account anyway.

Two mortgage payments with duplicated payments. I was reasonably lucky. I had the funds in my account to cover two extra payments. So far I this month I have made 7 mortgage payments instead of the usual 5 required. Fortunately I avoided late charges on the mortgages. If I am lucky, the extra payment will post after the monthly due date and will count as the July payment. If I am unlucky, I will still need to make five mortgage payments in July and have a full payment applied towards principal reduction.