Late fees

jbarto65 · Joined: 04 Nov 2007 Posts: 592 5.03 Dollars($)

Has anyone tried to get a company to forgive late fees, I have a few with my mortgage company, my original mortgage company was bought out by another company, so the fees originated with the old company. Is this a possibility? If so, how would one approach the company on doing this?

adonis · Posted: Mon May 12, 2008 8:47 pm Post subject:

jbarto,

I suppose one can write a letter stating why he may not be able to pay the late fees and then requesting the company to waive the late fees.

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi jbarto,

Generally you cannot avoid late fees. But in certain circumstances you may request the mortgage company to forgive the late fees. So you can write a letter stating the reason why you made tale payments and it will not happen in future as Adonis has also advised you

Best of luck,
Larry

gmakerley · Posted: Tue May 13, 2008 9:08 am Post subject:

"being unable to pay late fees" is not likely to make anyone at the mortgage company (or any other creditor) simply eliminate them from the account.

late fees are contractual - they are established before we borrow money, and we know about them before we ever make that first monthly payment. lenders make a lot of money from late fees along with lots of other fees; hence, they don't like to see them eliminated.

when i was a credit union lending manager, i always told my customers that i would be happy to waive a late fee if it was their first time; but that i anticipated it to be the first and only time they would ask or need to ask. generally, late fees for preferred customers (those who pay on time virtually all the time) might get waived; late fees for those customers whose payments are habitually late generally do not get waived.

please don't misunderstand when i used the word "habitually" - often it is beyond the control of the person who is late, for various reasons. nevertheless, it is always easier to pluck the heartstrings of someone when payments are made on time every time.

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