Posted by Joan Bergstrom on 6/24/12 2:03pm
Msg #424517

Out of the past

I got a call from Placer Title Company's Holding Company called( Mother Lode Holding Company) and told me they had sent me a check in 2007 and I never cashed it.

They just wanted to check to see if I still had the same address and I do and the new check arrived Saturday for $125.

SWEET!
Placer Title was always one of the good guys!

Reply by HisHughness on 6/24/12 4:00pm
Msg #424519

Joan, this forum is no place for your fantasies

In the midst of people who are struggling to get paid for closings five months ago, you expect us to believe that a title company sought you out to pay you for a closing five years ago? You're living next door to one of those Loony State medical marijuana shops where they use their "prescriptions" on-premises -- and the wind is blowing in your direction.

Reply by Susan Fischer on 6/24/12 4:46pm
Msg #424524

Oh, pshaw. Your senescence is showing, Mr Grump.

Some companies have actual auditors...

Reply by Linda_H/FL on 6/24/12 5:31pm
Msg #424529

That was my first thought too...sounds like

someone's been audited.

Reply by Joan Bergstrom on 6/24/12 11:43pm
Msg #424553

Re: Joan, this forum is no place for your fantasies

I just thought I would ruin everyone's Sunday. LOL. I was making so much money in 2007 that I didn't notice I didn't cash the check. 5 years later I probably would be very aware of the check 's status.

Hugh you are so right about never knowing how the wind is blowing in La La land and it was blowing the right way on Saturday.
Cheers!
Lets all have a great EOM tomorrow!

Reply by Notary1/CO on 6/24/12 9:47pm
Msg #424550

Did your records confirm that they did send you the original check in 2007? If not, maybe they owe you the original amount plus 5 years of late fees. I have a late fee of $20 per month.

Reply by Linda_H/FL on 6/25/12 5:13am
Msg #424560

"I have a late fee of $20 per month"

Be very very careful with this practice - many states have regulations in place regulating the amount of late fees and interest that can be charged. What I've usually seen (and not saying this is the way in CO) is 15-20% of the amount due - PER YEAR - so a $125 closing at 20% would amount to interest of $25/year or 2.08 per month....don't think it compounds and not sure you can stack it with late fees.

Just be very very careful imposing random fees without researching your state laws..

JMO and my .02 FWIW

Reply by Notary1/CO on 6/25/12 1:55pm
Msg #424611

Re: "I have a late fee of $20 per month"

I do not loan money and I do not charge interest. Some states have usury laws that limit the maximum interest rate allowed. Some states do not. The usury rate in Colorado is 45% per year.

Credit card companies are usually based in states that have no limits, such as Nevada or South Dakota. Look at your credit card statement. For a list of usury rates in various states, see: http://www.lectlaw.com/files/ban02.htm and read your state usury laws.

My contract terms and fee schedule include a late fee of $20 per month. If I do not receive payment when due, I send a Past Due invoice and add the $20 late fee each month until paid. It is not interest and there is no compounding of interest. The late fee is essentially a billing fee, invoice fee or collection fee. If I have to send a Past Due invoice every month, I charge a fee for my time for generating and sending the invoice and record keeping for the delinquent account. It is a fee for services rendered to collect past due payment from slow pay accounts.

If I need to hire a collection agency, the fees charged by the collection agency, typically 35%, are also added to the total amount due.