First Morris Bank and Trust
Posted Mar 2, 2011 by anonymous | 92 views | 0 comments
If you have a Mortgage from the First Morris Bank and Trust, Please check your statement thoroughly. Unlike other mortgage bank, the First Morris Bank and Trust has NO GRACE PERIOD! I said NO GRACE PERIOD. But the bank PRETENDS to have it on the monthly statement. The bank is doing their business in a cheating way because they do not reveal their abnormal policy to mortgagors. I haven't got any information about NO GRACE PERIOD late fee charge when I signed on my mortgage contract. The loan officer should've mentioned it since the 'NO GRACE PERIOD' loan system is an unusual practice. I have a 15yr Fixed Rate mortgage but I had to pay more than scheduled every month. I was curious what happened to my mortgage payment? I found the following: Suppose your mortgage amount is $100,000.00(with 15yr 6% FIXED loan) and monthly payment due was 05/01/2006. You made a payment on 05/10/2006 because you read 'ADD ADDITIONAL LATE CHARGE OF 42.80 IF NO PAYMENT IS RECEIVED BY 05/15/2006'- you might think that if you make a payment by 05/15/2006 then no late fee will be charged. But No! One day's interest $17.00 * 9 days = $153.00 additional fee was charged. And yearly you pay extra $1,836.00 late fee. For 15 years, you pay $27,540.00 extra late fee in addition to your normal interest payment. Since the bank doesn't have the direct loan payment system, you could make your loan payment at your convenience by due date or within the grace period. But, to protect your money, please check your loan statement again!
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