Online bill-paying systems make paying bills easier than ever, leading many people to pay for bills on a date more convenient for them - instead of waiting for the physical reminder in the mail. However, you might want to think twice about paying too early. For one South Florida woman, paying too early left her in foreclosure.
Sharon Bullington is 78 years old and lives with her terminally ill husband. Though they are currently underwater on their mortgage, the couple wanted to remain in their home. Bank of America approved a loan modification with one caveat -- the Bullingtons had to officially "default" on their payments before beginning the modified payment plan. Their payments were reduced, and Mrs. Bullington made her first payment under the plan on December 23. However, that payment was meant to apply for the following month of January. She made another payment in January, however the money remained in her banking account for some time. When she asked the bank why they hadn't withdrawn the money from her account, they told her she entered the wrong routing number. The bank then kicked the Bullingtons off the modification plan.
Mrs. Bullington wrote to Bank of America's president, Brian Moynihan. His assistant informed Mrs. Bullington that payments must be made in the month in which it is due. Further, once initiated, foreclosures cannot be stopped. In other words, because Mrs. Bullington made her January payment in December, she didn't pay it "in the month it is due." Bank of America accepted her payment, but nevertheless foreclosed on her.
Mrs. Bullington has received a fare amount of media attention, and Bank of America says it will take another look into the case. While Mrs. Bullington's case is an extreme example of tactics banks may use, it is important to remember that thousands of Floridians are still facing foreclosure. If you are facing foreclosure, you should contact a Jacksonville Foreclosure Defense Attorney to discuss what options may be available in your individual case.
