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Missed Mortgage Payment

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  • 05-08-2009 7:06pm
    #1
    BOOKWORM.1
    Closed Accounts Posts: 64 ✭✭


    Hi guys, a quick mortgage question please:

    If a bank calls for a commercial mortgage on the due date and funds are not available in the account will the bank call a second time for the mortgage or is this seen as a missed payment?


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    #2
    size5
    Registered Users Posts: 266 ✭✭size5


    Has happened to me and the answer was yes they came back in for the DD 7 days later. BUT you would be much better ringing up & asking them


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    #3
    BOOKWORM.1
    Closed Accounts Posts: 64 ✭✭BOOKWORM.1


    Thanks Size. I've been worried sick. This is the first time this has happened to me. The bank are not the most approachable but I'll definitely ring them today.


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    #4
    galwayrush
    Registered Users Posts: 12,815 ✭✭✭✭galwayrush


    Always ring them if there's a problem of any kind.:cool: They are more approachable than you realise.


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    #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    It seems to depend on the mortgage provider, some I've seen call again the following day (so about 2 days later by the time it hits your account), others call again in about a week, I've actually seen one go in for funds a fortnight later, which was very strange. Best bet, as others have said, is phone the bank and confirm. They'll appreciate the call TBH.


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    #6
    BOOKWORM.1
    Closed Accounts Posts: 64 ✭✭BOOKWORM.1


    Thanks for all your feedback folks. The Bank called a second time a couple of days later.


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    #7
    Abelloid
    Registered Users Posts: 3,495 ✭✭✭Abelloid


    BOOKWORM.1 wrote: »
    Thanks for all your feedback folks. The Bank called a second time a couple of days later.

    I was in a similar situation recently, I rang to explain why it had missed (€14 short in account) but they said they didn't even notice, the mortgage provider will make two attempts to debit your account before it's flagged.

    You will be charged by your own bank for missing the first though.


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    #8
    BOOKWORM.1
    Closed Accounts Posts: 64 ✭✭BOOKWORM.1


    Indeed they have. They were in for their 10.00 Euro like a light!


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