Investing in Real Estate :If You Have a B of A Loan READ This Sacramento Homeowners

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Sacramento Real Estate Realtor wants Sacramento homeowners who have a Bank of America mortgage loan to be sure and read this.

Bank of America has a “lovely” Valentine gift for all of the mortgage loans they have at B of A.  And what a GIFT it is!!

Remember, when you signed your mortgage documents at Title and the paperwork said your payment was due on the 1st but you had a “grace” period until the 15th to pay your payment? 

 After the 15th of the month if B of A did not receive the mortgage payment then you would pay a fee for being late with your house payment.  Well, it seems this is being thrown out with the baby’s dirty bath water.

Well, all that is about to change with Bank of America (Bank of American’t)!  As your Valentine present, Bank of America has announced they are cutting your grace period in HALF.  If you pay your house payment after the first 6 days then there will be a fee assessed. So, forget the 15 day “grace” period!

Now, none of this applies if you have a Bank of America checking account with B of A  so I’m told.  There are lots of caveats to this that you need to read carefully that B of A sent out by mail.

So, all those loan documents that you signed giving you a grace period to pay your house payment…seems there is a caveat that B of A forgot to mention…ONLY if you bank with us and have a B of A checking account! hmmm

Looks like B of A thinks this will get them some new business with new checking accounts.  And if your loan was sold to B of A, too bad for you!

Just another reason I don’t have a “warm” feeling in my heart for B of A! Seems Citibank has been doing this same thing for a long time. And I believe Chase has joined in this…just another way the banks will make money.

So, I say pay your B of A house payment before the 6th of the month!  Or divide all your payments into weekly payments and pay them once a week…that will certainly make a statement!

Happy Valentine’s Day!!

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© gena for Sacramento Real Estate and Luxury Homes, 2011. |
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