PSA: FOR THOSE THAT PAY ON-LINE - DOUBLE CHECK YOUR PAYMENT AMOUNTS

We recently did a refi on a rental property with Homecomings and made the payments for April & May. It's an 80/20 loan. I pay on-line and pay the amount noted rather than use payment coupons.

Today it occured to me that the bill was about $200 higher than I recall from the closing. Sure enough, once I pulled the closing docs I saw that the on-line amount due was WRONG. I have called Homecomings and it will be corrected in a few days.

It seems that whomever input the figures added the 80/20 payments as one payment and then added in the 20% payment as another amount due.

I'm sure the bank would have eventually caught the mistake since they are audited on a regular basis but who knows how many months or years that may have taken.

ETA- the monthly statement was wrong too. The only correct amount was noted on the payment coupons included in the closing docs.

Message edited 5/16/2007 5:56:20 PM.

Re: PSA: FOR THOSE THAT PAY ON-LINE - DOUBLE CHECK YOU PAYMENT AMOUNTS

Good to know - thanks for the heads up.

Re: PSA: FOR THOSE THAT PAY ON-LINE - DOUBLE CHECK YOUR PAYMENT AMOUNTS

thanks for sharing.....computers and people make mistakes too!