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10-24-2005, 01:27 PM
| | Junior Member | | Join Date: Dec 2002 Location: Columbus, Ohio
Posts: 6
| | | Outragious Late Fee Question?
Have a commercial mortgage on a residential property in Columbus, Ohio. Received my statement that the note in the amount of $250,000 plus $644 in interest is due on October 1, 2005, statement is dated 9/30/2005 and received the statement in the mail on 10/10/2005. The property is going to be transfered out of the partnership on 10/26/2005 and a new residential mortgage is going to be made to pay off the existing. Statement was also received around the 10th, as the payment due date was the 19th. The lender is trying to add a $13,000 +/- late fee as the loan was not paid off by 10/1/05, they were made aware of the transfer and the pending payoff on the 10th, when I received the notice. Never received a copy of the note at closing, so have nothing to reference. Anyone run into this?, seems outragious. |
10-24-2005, 01:31 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | Quote: |
Originally Posted by GHatcher Have a commercial mortgage on a residential property in Columbus, Ohio. Received my statement that the note in the amount of $250,000 plus $644 in interest is due on October 1, 2005, statement is dated 9/30/2005 and received the statement in the mail on 10/10/2005. The property is going to be transfered out of the partnership on 10/26/2005 and a new residential mortgage is going to be made to pay off the existing. Statement was also received around the 10th, as the payment due date was the 19th. The lender is trying to add a $13,000 +/- late fee as the loan was not paid off by 10/1/05, they were made aware of the transfer and the pending payoff on the 10th, when I received the notice. Never received a copy of the note at closing, so have nothing to reference. Anyone run into this?, seems outragious. |
**A: why did you leave out the good stuff? Like telling us that that the loan had expired already. |
10-24-2005, 01:38 PM
| | Junior Member | | Join Date: Dec 2002 Location: Columbus, Ohio
Posts: 6
| | | Did not receive my notice until 10 days after the exiration, paying it off 16 days from notice. |
10-24-2005, 01:42 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | Quote: |
Originally Posted by GHatcher Did not receive my notice until 10 days after the exiration, paying it off 16 days from notice. |
**A: Hello, read your note again. You needed to pay the mortgage off in full WITHOuT demand. This is not a residential loan but a commerical loan. You can't plead "poor me" ignorance on this one. |
10-24-2005, 03:02 PM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | Quote: |
Originally Posted by GHatcher Never received a copy of the note at closing, so have nothing to reference. | This was your first costly mistake but you don't seem to have stopped there. | |
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