Freezing account

[Virgo822003]

I'm in NC. I'm selling my house which is in contract currently with a buyer. I needed to get my car fixed this month and called the mortgage company to see if I could skip the August payment and them accept just the payoff at the end of August(next week). They said this would be fine. Now they are saying if they don't get payment by the 26th they will freeze my account and not accept any payments including the payoff and start forecloser. Even the loan officer working on the buyers lian called them and told them they would be receiving the payoff next week. Are they legally able to freeze my account and not accept payment after 26 days and start foreclosure? Thanks

 

[LdiJ]

I'm in NC. I'm selling my house which is in contract currently with a buyer. I needed to get my car fixed this month and called the mortgage company to see if I could skip the August payment and them accept just the payoff at the end of August(next week). They said this would be fine. Now they are saying if they don't get payment by the 26th they will freeze my account and not accept any payments including the payoff and start forecloser. Even the loan officer working on the buyers lian called them and told them they would be receiving the payoff next week. Are they legally able to freeze my account and not accept payment after 26 days and start foreclosure? Thanks

They probably can, but it doesn't make any sense. If you have not been behind in the past, and are just late on one payment, and not even 30 days yet, then it doesn't make sense for them to freeze your account and start foreclosure proceedings. It also would not make any kind of economic sense for them to reject a full payoff either.

Have you considered calling back and speaking to another representative of the bank?

 

[adjusterjack]

Yes, speak to somebody higher up on the food chain.

 

[LdiJ]

Yes, speak to somebody higher up on the food chain.

My guess is that the first person the OP spoke to was in customer service, and the second person that the OP spoke to was in collections...and that collections are authorized to scare the bejeesus out of the clients to collect on the payments. There is no guarantee one way or another, but speaking to somebody higher on the food chain makes more sense under the circumstances.

It would absolutely NOT be in the bank's best interests to reject a payoff. In fact, it would be absurd.