Comments on: Beware SOME Bi-Weekly Mortgage Payment Plans

By: Alek

Alek — Tue, 24 Jan 2012 22:14:18 +0000

I just discovered that National Payment is pretty much the same. They hold on to your money and only pay once monthly. So basically they benefit from the interest not you.

Also, their fees are $399 !!!!!!!

Oh and when I called to cancel they did not refund all of my money and charged me for insufficient funds when I never lacked funds in my account.

In one word: CROOKS!

By: research paper

research paper — Wed, 07 Dec 2011 20:12:37 +0000

In other words they are offering a bi-weekly payment option but they can’t really accept bi-weekly payments. Instead WUP collects payments every is applied toward principal 2.make one extra lump payment any time during the yea two weeks but makes the mortgage payment ONCE A MONTH just like I currently am

By: london property inve

london property inve — Tue, 29 Nov 2011 12:44:54 +0000

That sounds absolutely ridicules it is not that you are not saving even a single dollar but if you didn’t review this precisely you will lose 117 dollars every year.

By: Biweekly Payments

Biweekly Payments — Fri, 04 Mar 2011 06:12:58 +0000

Most people that attempt to make biweekly payments on their own don’t stick to the plan. When they setup the payments on automatic debit, it’s a more disciplined approach.

By: flights to nairobi

flights to nairobi — Mon, 28 Feb 2011 10:03:31 +0000

Very true Christine! I guess almost everyone get paid bi weekly.

By: flights to sri lanka

flights to sri lanka — Thu, 24 Feb 2011 06:14:33 +0000

Thank you for you information, heard this before but didnt trust. Thanks again for proving this with evidence.

By: Internet seo

Internet seo — Thu, 29 Apr 2010 09:58:47 +0000

Very eminent post, am sure a lot of research and efforts would have been undertaken to accomplish this post. Thanks for sharing an outstanding post with us.

By: William

William — Tue, 15 Dec 2009 17:25:13 +0000

Christine is right. I get paid bi-weekly. So 2 months out of the year I get 3 pay checks. So you actually make an extra payment (2 half payments) doing it that way. To avoid signing up just divide 1 payment by 12 and add that to the principle every month. You get the same result with no fees.

By: Melissa Newman

Melissa Newman — Mon, 30 Nov 2009 15:08:59 +0000

With CitiBank they specifically say that if you do a payment for more than your account, it will go towards your principal, not towards a future payment, so the computer will not register that you made a payment (even if the total amount you paid is greater than the amount owed). How that logic is legal, I will never know. The way to truly accomplish what Western Union is doing is to set a 2nd checking account for yourself. Transfer your bi-weekly payment to your 2nd checking account. Then once a month, pay your mortgage payment, plus as the other poster said, the extra amount to go towards the principal. That way you are still making bi-weekly payments to a third party (your 2nd checking account), but your mortgage company only gets one payment per month. The things banks do to save money for themselves.

By: Sherrie

Sherrie — Fri, 06 Nov 2009 20:52:23 +0000

Paymap stole an entire mortgage payment from me. They had some shady arrangement with my previous mortgage company (Taylor Bean and Whitaker) where they transferred the funds from my bank account to an account with TBW and then TBW transferred the funds to Wells Fargo. Can you say “huh??” I did not find out that this scam was happening until TBW went bankrupt and my September payment went missing. As in TBW has it and I cannot get it. Paymap never sent me one piece of communication explaining what happened and has not communicated with me once to this day. I called them several times and was told they could not send me anything in writing about it. Gee, is that because you know you did something illegal and that I am going to sue you? In the meantime I’ve been getting foreclosure notices and have had to take a loan on my 401K to pay the missing payment. Wells Fargo doesn’t care what happened – they just want their money. Well sorry **I** don’t have a couple extra thousand lying around to cover being robbed by a crooked bank and their crooked servicing partner. What’s even more insulting is I have never once been late with my payment. And now I have to suffering the indignity of daily notices about “how to avoid foreclosure”?? Unfortunately I am going to have to get a lawyer to get my money back (if I even can – TBW is bankrupt so I’m going to have to sue Paymap for breach of contract). The moral of this story is – be careful with your money. And stay away from Paymap. Or you could end up in the same boat.