Why won't my mortgage company allow me to change my due date from the 1st to 10th of the month?
By Pam from Memphis, TN
They are under no obligation to do so. You signed a contract agreeing to the terms. Most mortgages have a grace period of about 10 days so if your loan payment is due on the 1st, you are not marked delinquent until the 10th.
Because most banks suck! Great idea to just pay them during the grace period but I would call and clarify it with them before doing it. Unfortunately, if you have an automatic deduction of your payment on the 1st of the month, then you are probably stuck with it.
Whoever you talked to maybe doesn't want the extra paperwork to deal with? I am not sure :-( But if you go to the mortgage company 'manager' yourself and in person and nicely tell them you really need a later due date they very likely will work with you but you'll have to pay for the prorated difference in advance. For example, you need the due date to be ten days later than it currently is. You will need to prepay those ten days plus the interest for those ten days. If the mortgage company is unwilling or legally unable to do that then just do the best you can to get yourself a month ahead on monthly payments.
You are unable to change your due date due to in changing your loan terms. The only way that you are able to change a due date is to refinance your mortgage. Mortgage companies do give a 15 day grace period where you will not receive a late fee, however you will be paying more in interest. The response that stated you needed to speak with a manager is competely wrong. That was obviously submitted by someone who was not educated in the mortgage industry.
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