Countrywide Credit Card

I just had car trouble that I paid over a thousand dollars on, and my bank account is low. If I could make the mortgage payment with a credit card and pay the credit card with my next paycheck, I'd be all good, but that's not an option Countrywide accepts. Why not?
Edit: That's interesting, about the 3% merchant fee... when I worked for a retailer I remember the fee being a flat $.99 no matter the amount spent... Truthfully I just assumed credit cards made most of their money off the fees charged when people don't pay on time! I know there are quite a few people like that, and fees can get quite high.

I guess it makes sense about the loan company not wanting you to go deeper into debt with credit cards, but I'm so used to paying my water and electric bills online with my card and then paying my card off with online banking that it sort of surprised me that I couldn't do the same with my mortgage payment. i was thinking of them as just another bill, and most merchants these days seem much happier to take credit cards than a check... no chance of the card bouncing, lol.

I guess I will do a cash advance, I can pay it off as soon as payday hits, thanks for the idea!

probably because credit isn't real money. it means you are going into debit somewhere else away from the mortgage, they would just rather your debit stays in one place. it also means that if the bank had to foreclose on the house, that two banks would now have a claim on the house - the credit card people and the mortgage company.

I know what you are saying, and it makes sense, but banks wont even let you do it once, although their real concern is that people will do it longer than once. best to speak to your bank and arrange to make a late payment when your cheque comes in.

Of course if you drew money out of your credit card and put the money into your mortage, they just see money, they don't know where it is coming from. This woud work, but I would not recommend it unless you are positive you can pay it out in one go next pay day. the interest rate on this is quite high.

2008-03-19 01:15:36 by erinellii

PlanB Credit and Debt Consultants freedomfromcreditors.com talk about Protecting your assets while dealing with a Credit Card Lawsuit, Debt ...

Suppose you have steller credit and want to re-negotiate your mortgage rate like you can essentialy do with a credit card, do you think big Mortgage lenders (Countrywide) will listen without having to do pay refinance fees.

Likely not but you've lost nothing by trying.

2007-11-28 11:43:03 by bgpnst2

My mortage is with Countrywide and I am looking for a way to pay my mortage payment with my credit card that gives me airmiles. They won't accept a credit card payment and I can't buy money orders with a credti card. Any other ideas?

I'm sorry that is the most crazy concept i've heard in a while.

some 85% of airmiles are never redeamable.
credit cards charge up to 39% for a 6-10% loan?
paying a mortgage by CC is a flag that can get ur credit % upto 39% without notification.

pay ur mortgage by check and u will save ur self enough to get real air miles.
u pay cash for MO , Checks.
if u don't it then that is the real problem.

if the bank accepted the credit slavery card ,
the bank would have to pay 3-5% as a usage fee to credit card company. duh.

2008-04-16 08:49:50 by isham34

I have excellent credit (FICO 780), good job, and have little debt (mortgage, 1 car payment, 1 credit card).

About 16 months ago, I put 20% down and got a 6.25% interest rate on my current home. The house was brand new and the Builder paid the first property tax installment - which threw me off in terms of how much the property tax was going to be. Well, my monthly payment just went up by over $400 (I impound prop taxes and insurance).

Bottom line, I may relocate for more pay and may want to rent my house.....but I need to lower the monthly mortgage in order to rent it out without being in the negative.

Is it smart to refi my current loan (fixed 6.25% with no PMI) to an 80/20 or interest only loan? This would get my payments down as well as expedite the reassessment of my property taxes. That way I could possibly rent it for what the cost of the monthly payment would be?

Thanks for your help.

Thanks for the advice

You are looking at it the correct way I would think. You should refinance the home into a 5 year fix interest only and get the interest rate under 6%. I have a friend that I know could get the loan done for you, I am sure. Countrywide has various issues they are dealing with like many lenders do currently. My friend has access to some great programs besides the ones banks use and I know he could help you out. You should shoot him an email. Mike@afbankloans.com
Good Luck!!

2008-04-07 09:47:21 by Tom W

i have about $5000 dollars worth of medical bills only on my credit report and all credit cards paid off no other credit issues but countrywide only allows $2500 worth of medical issues to be on your credit report.

Save your time and money and get a broker to do this for you.

http://WeFixRates.Com

2008-01-25 17:36:17 by tia