Posted by David in PA on August 21, 2003 at 12:50:59:
Two additional thoughts on Fed Ex delivery:
(1) Add a clause to your Agreement of Sale and any loan/mortgage documentation you may use expressly stating that Fed Ex (and/or UPS, for that matter) is an acceptable mode for delivery of payments and any notices that the parties give to each other. You’ll be glad that language is in there if you ever need to rely on it in court.
(2) Find out if your state court system recognizes Fed Ex as a valid method of delivery in its Rules of Civil Procedure, which govern lawsuits. (Some states have recently included Fed Ex delivery as an acceptable mode in civil litigation. You can check with a local attorney on that one.) Although your current situation is not in litigation, it would give you added assurance that your attempted delivery (and documentation of the attempts) will be viewed favorably by the court, if it ever gets to that point.
Hello, and thanks to all of you who have helped me in the past. Now for my new mess! I have a 1st mortgage on a SFR and a 3rd mgt on the same SFR from the same mgt company. This mgt is about 3 months old. When we closed on the property I needed appr. 21K to close (which I did not have) so I got a private indiviual to loan 25K in the form of a second mgt to cover what I needed and closing cost. I agreed to pay the 2nd mgt holder 52k for there trouble (and yes the house is worth it) well everything was a-ok until after we closed and the 1st mgt holder which is also the 3rd mgt holder realized I had a 2nd for 52k (they thought I got the other 25k in my pocket). Well at that point nothing could be done and I had done nothing wrong I bought a home for 170k with 0 down and 0 closing using OPM and the home is easily worth 315k. They expressed their TRUE feelings (things I can’t repeat on this forum) to me and that was that. Now the problem. I have paid each and every note (1st, 2nd, & 3rd) on time each month. I send each payment by certified mail return reciept requested. The 2nd mgt hold is not any probelm. However, I get a phone call just after making my August payment to the follwing effect:
Mgt holder: We have a problem with your mgt payments. Let me see if I can explain. We are not in the office all the time and sending your payments be certified mail can be a problem. The post office has a hard time reaching us. What we do for other customers who want to know if we received their payment is allow them to send a SASE with their payment and we send them a reciept. Please call us if you have any question otherwise I’ll expect a normal payment next month.
I have not responded to this yet. My concerns are:
They never cash my checks when they get them. My payment is due on the 1st and here it is Aug 20 and the check has still not cleared by bank.
Once I mail it I have no more controll on when it gets there.
Do to there TRUE feelings after closing and the fact that they do no cash my checks when I send them I feel that by sending them certified I can document when I mailed them and with the return receipt I can document when they recieved it. Without this they could say it was late are whatever they wanted to say about it. Or that they never got it. How would you all handle this matter!
Re: Fed Ex Delivery Could Work - Posted by David in PA
Posted by David in PA on August 21, 2003 at 12:54:06:
Two additional thoughts on Fed Ex delivery:
(1) Add a clause to your Agreement of Sale and any loan/mortgage documentation you may use expressly stating that Fed Ex (and/or UPS, for that matter) is an acceptable mode for delivery of payments and any notices that the parties give to each other. You’ll be glad that language is in there if you ever need to rely on it in court.
(2) Find out if your state court system recognizes Fed Ex as a valid method of delivery in its Rules of Civil Procedure, which govern lawsuits. (Some states have recently included Fed Ex delivery as an acceptable mode in civil litigation. You can check with a local attorney on that one.) Although your current situation is not in litigation, it would give you added assurance that your attempted delivery (and documentation of the attempts) will be viewed favorably by the court, if it ever gets to that point.
Cassie
You can send your payment via priority mail with the post office and add delivery confirmation for $0.50. You can then pull up info on that package via the internet. It will track the day shipped and the day delivered. But they can pick it up from their PO box may days later. However, most PO boxes return mail that has set there more than 7 days. If it is going to a street address it can be left in the mail box with out a signature.
Good Luck, Lori
Maybe wire transfer would work - Posted by TKP, Houston
Posted by TKP, Houston on August 21, 2003 at 24:21:45:
Cassie, Maybe it is as they say - they are not in the office all the time, and that is why your checks are cashed late. I suggest you ask them if it is OK to wire the monthly payments directly to their bank account. It shouldn’t cost you much more than a registered letter, you will have proof of payment and they will get their money earlier. Just a thought. TKP, Houston
Are the local so you could hand-deliver your mortgage payments to them? And get a receipt from them that you handed it to them.
Could you check out their reputation with other investors and real estate agents? Are they honest?
Cashing your check late may just be a sign of a poorly run operation. Or they have some system whereby they hold all checks until the 15th of the month and deposit all of them then. I wouldn’t take it personally.
I think I would risk the next one doing it the way they say. Put in a SASE with your payment and see if they get a receipt to you in about two or three days. If you don’t get it, call them up and ask if they got the payment. If they claim they did not, you can stop payment on the check and issue a new one, and send it to them the way you like.
It sounds to me like this is a small operation. They are not in office much. I hate it when people send me mail certified or registered to my home address. I have to go to the postoffice to get it. While it may seem that you are better protected by using return receipt mailings, it is tougher on the person at the other end.
I think there is a category of mail whereby the post office will put the mail in their mailbox and notify you the date that it was delivered, without requiring a signature. This may be the way for you to go.
Gee, what a super purchase you made. Contratulations. GOOD GOING, GAL!
>> However, most PO boxes return mail that has set there more than 7 days.
Actually, it will sit there forever as long as the rent is paid. That mail is not in the postal system “awaiting delivery”, it has been, in fact, delivered.
Re: Maybe wire transfer would work - Posted by Bob Ridge
Posted by Bob Ridge on August 21, 2003 at 07:40:42:
Wire transfer’s good. Also my mortgage company does an automatic draft from my checking account. If they’re too “small time” for that, how about doing it with a PayPal account?
Very good advice, however, this deal was more than investment for me it is now my personal home and with a lot of equity I might add. I can not afford for them to pull any stunts. I hate certified mail too, but I will definetly check to see what else the P.O. has to offer. And yes, they are small. Been in business for 10 years 1 complaint in 95 and although the attorney general won’t tell me what the complaint was they have it as resolved. I haven’t found anyone else that knows much about them. They are about 1 1/2 hours away. Too far to drop off payment.