Consumer complaint received 2017-06-09
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: EQUITY RESOURCES, INCORPORATED (OH)

XX/XX/XXXX    XXXX   XXXX    - Good day, I want to be sent information, regarding the Bi-weekly payment program? Thank you, so much  XXXX   XXXX    XX/XX/XXXX      XXXX   XXXX    - Good day, Please, send me all the documentation, regarding the Bi-Savers or Bi-weekly payment plan? I have been asking since, being approved and have not gotten a call back etc ....? Please, call me XX/XX/XXXX  XXXX   XXXX  Hello, Is there anyone monitoring, the email box? Please, call me at  XXXX . I have sent two previous messages and called?   I need to verify, if you received and addl. payment of {$50.00}, for my account? I do not see anything updated online a t Equity Resources INC., but see the withdraw fr om my bank account on  XX/XX/XXXX ? Please, verify and enjoy your day,  XXXX    XX/XX/XXXX    XXXX   XXXX  Dear  XXXX   XXXX , We received your inquiries regarding a bi-weekly payment option, as well as an additional principal payment of {$50.00}. At this time, we do not accept bi-weekly payments. According to your signed Note, payments are due on the first of the month with  a 15-day  grace period. As such, your loan was not originated on a bi-weekly schedule ; therefore, we are unable to accept bi-weekly payments. We apologize for the inconvenience. Our records indicate that we applied an additional principal payment of {$50.00} on   XX/XX/XXXX , w ith an effective date of   XX/XX/XXXX  . As of the date of this message, your account is current and next due for your   XX/XX/XXXX   payment of {$800.00}. While we believe that this response fully addresses the concerns outlined in your correspondence, should you have any further questions, please contact our Customer Service Department at  XXXX , or yo u may respon d directly to this message. Sincerely,  Research Departme  nt  XX/XX/XXXX    XXXX   XXXX   - Good day ER, Well, it is interesting that you stated " ...  your loan was not originated on a bi-weekly schedule ; therefore, we are unable to accept bi-weekly payments ... '' At my closing, it was stated that it would be able to do at a later time? Now , I may have  misunderstood how it would done. Although, what is the big deal about accepting bi-weekly payments? As, stated in previous email to the company, there was an website link available. But, no one ever would respond to the em ail. 1. At this p oint, perhaps I should find out from you or someone at the company the following : - Are there any additional fees, penalties etc .... if I go with a company that offers bi-weekly payments? If so, what are they and what is needed to get them waiv ed? 2. Who can I contact regarding revising my loan to be able to send bi-weekly paym ents? It makes, no good business sense to have a feature, but be willing to lose a customer and/or worse, for something as simple as this. Please, let me know and enjoy your day,  XXXX   XXXX    XX/XX/XXXX    XXXX   XXXX    - Dear  XXXX   XXXX  Thank you for your inquiry regarding bi-weekly payments. We apologize for the delay in our response.Unfortunately, we currently do not offer bi-weekly payments. We recommend you refrain from sending partial payments. Remitting partial payments risks the misapplication of funds,  and may result in th e assessment of late fees as well as possible adverse credit reporting. We regret any inconvenience  this may cause.Yo ur loan was not originated with bi-weekly payments. We are unable to change this. You are able to go with a third party that provides a bi-weekly service. We do not charge any penalties for a third party sending your payments.Please note, your monthly payments are due on the first of the month with a grace period of 15 days. If a payment is not received a fter the  XX/XX/XXXX  of the month then a late fee is assessed to your loan. If the  XX/XX/XXXX lands on a weekend or holiday than the grace period is extended to th e following business day. As of the date of this message you are next due for you r  XX/XX/XXXX   payment of {$800.00}. While we believe that this response fully addresses the concerns outlined in your correspondence, should you have any further questions, please contact our Customer Service Department at  XXXX , or you may respond directly to this message.   Sincerely,  Research  Department Tuesday,   XX/XX/XXXX     XXXX   XXXX   - Hello  XXXX   XXXX  The terms of your mortgage as documented on page  four  of your signed Closing Disclosure indicate that we do not allow partial payments ( less than the full amount due ). A bi-weekly payment for less than the full amount due would constitute a partial payment. Wh at may hav e been indicated at closing is there are services available through third parties that handle bi-weekly administration for customers. These third-party services typically gather payments from customers and then send a single, monthly payment to the servicer of the mortgage. We can not endorse, nor provide, any information on what those services offer as they have no business affiliation wit h Equity Resources.  Any agreements you make with those companies would strictly be between yourself and that company. What we can offer are alternatives to bi-weekly payments that result in similar principal/term reduction. Customers are always entitled to make additional principal payments at their discretion provided they are paid current. Cust omers may add additional principa l to any monthly installment payment.   a . One option we have provided to customers is if they add 1/12 of a monthly  payment as additional principal to each monthly installment, it will result in the same payment to principal on a yearly basis.    2. Customers may  make lump sum payments to principal only provided they are current for the month due. I do see you made an extra {$50.00} payment to principal back in  XX/XX/XXXX , and it was posted to your account as such. Should you have any additional questions, please feel free to respond to this email or call the servicing team at  (   XXXX  )  XXXX . ) Thank you,  XXXX