SHOP PRODUCTS
Houzz Logo Print
mahatmacat1

Can I charge a lender a late fee?

mahatmacat1
13 years ago

Hi folks...I realize this is a small question, but it's so d*mn typical of lenders that I would be up for taking the trouble if it might at all pan out.

We refi'd recently (combined a 1st and a HELOC into a 15-year - yay!) and our HELOC lender (PNC) has not sent the overage back to us--they're two weeks past their stated policy date (10 days after last interest fee charged), and there was nothing being done until I called this afternoon. Now I hear that it may take up to two more weeks to get it to us.

It's not a large amount, just one month's payment (it went in automatically just before we closed, darn it) but I seriously hate the principle at work -- make the customer expend effort to get what's due to them, and then send it whenever you feel like it. With no late fee, no penalty interest assessment, nothing. It still wouldn't have been sent out to me if I hadn't called,and of course it remains to be seen whether it actually happens. I got the person's first name and took down everything in the conversation.

Does the consumer have any recourse in this matter? Is there any obscure rule that I can take them to court or bill them the same late fee they'd bill me, or whatever else? Wouldn't it be great if everyone who experienced this thievery (who knows how much they're holding illegally and getting interest from it until the rightful owners make enough of a stink) had some way to recoup their lost interest on it? It's not much for each individual, but then again if everyone did it, it would sure add up to a lot.

I've read of banks jumping to foreclose on people who send the mortgage to the wrong address just one month after years of paying, and who send the payment to the right place immediately upon discovering their error--they see their chance and grab it. Then they hold onto our money, which is NOT theirs, as long as they possibly can, well past legal ability to do so. How those people sleep at night I have no idea. Man, is there *anything* lenders do that isn't sleazy and underhanded these days?

Anyone know of any law like this? Or any successful precedents? Can I foreclose on PNC? (she asked, knowing the answer but wishing there were something to be done)

Comments (4)