Mortgage Payment Mishap: A Cautionary Tale

Ever thought about paying bills online for added safety? Well, one woman, Angela Toruette, thought she was securely handling her mortgage payments online. That is, until she got an unexpected letter from her mortgage provider.

Until recently, Toruette had always paid her mortgage on time. Then, she received an alarming email on a Saturday. It turned out her monthly payments were missing. To complicate things further, her lender suggested she pay the $1,200 again.

“It doesn’t seem right, especially since I just got a call saying everything was fine,” Toruette expressed, clearly frustrated. Upon checking her account, she realized that her bank had mailed a paper check, which had apparently been stolen and cashed at a local gas station.

“I just want this sorted out; they should look into it,” she added, reflecting her concern.

Interestingly, despite the prevalence of online payments, many banks still opt to send out paper checks. Kevin Brassler from Consumer Checkbook warns that using an online payment method doesn’t guarantee electronic transfers.

“Mortgage lenders may not have a significant presence in every area, leading them to send paper checks,” Brassler noted. He suggested that consumers pay their bills directly to the company whenever possible. “If you have to make regular payments, it’s probably best to handle it in person,” he advised, mentioning the risks of extra fees.

We also reached out to Toruette’s bank, and they are currently investigating how the checks went missing. Fortunately, she was told that she wouldn’t be penalized for the situation. However, Toruette is considering discontinuing her online setups altogether.

“Going electronic would have been a much better option; I plan to bring in my payments personally until this issue is resolved,” she stated.

So, whether it’s for your mortgage or other important bills, it’s wise to check how your payments are being processed. You don’t want to risk losing your hard-earned money.