i paid 2 payments at the begining of my mortgage to always be a month in advance

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but they reported a late payment on my credit. is that legal if im really ahead on payments

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Hi Mike, This is going to boil down to how that initial payment was credited. Unless you designated it as paying a future payment, it may have been posted as additional principle payment, or posted to your escrow account. You need to contact your loan servicer, ask for a payment history (which will show what payments were posted on what dates). If the payment wasn’t posted as you intended/instructed, you may be able to get the servicer to correct your credit report, but that will entail convincing someone in management that they didn’t correctly credit the payment.

Answered over 1 year ago
Ted Rood
1480 1 8
over 1 year ago mike townsend said:
 

it was specifically stated on the memo section of the check and the bank accepted the check and said afterwards when the issue arrived that it wasn’t the banks policy to accept advanced payments so they put the money towards the over all loan amount I guess is how to explain it.

over 1 year ago Ted Rood said:
 

@mike townsend Yeah, typically, if a borrower wants to be paid ahead on a mortgage, it’s necessary to actually send separate checks, rather than a double check with a memo, since checks are often deposited automatically, rather than by a human who examines each check’s memo section to see if anything is written there.

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