Selene Finance Should be thoroughly investigated Houston Texas

Selene Finance must be thoroughly investigated for "sneaky" practices designed to create several methods for greatly increasing the odds of making late payments on their mortgage payment. An article I read on this site pertaining to Selene Finance is right on! I couldn't agree more with what was said, so I'm not going to re-write again, but strongly suggest you do a search and read the article "Selene Finance must be thoroghly investigated".

What I would like to add to this Ripoff Report on this article is the "slick" way they go about forcing your hand to move away from your already in place on-line bankinig payment method, to use their on-line payment. I call this "slick" because it is leagal, but intended to once again add just another way of making sure you eventually make a late mortgage payment. Just to be clear, I have been making on-line banking payment without any issues for over 10 years until Selene Finance entered the picture during a refinance earlier this year. In short, they do not accept EDI payment, this is a method of making a payment on a specified payment date to ensure your bank (or whomever), makes the payment on a specified date and ensure delivery of payment. I do this for ALL major companies (i.e. Captial One, Chase, Discover, Ally, Sears, JCPenny), you get the idea, and have never had an issue. Because Selene Finance does not subscribe to this service (by design), your banking instituation must send a manual check to ensure that the date you setup with your bank, is paid in time. This method does not gaurantee delivery because its like sending a payment by mail and no electronic history is recorded. This is how Selence Finance takes its time to record the payment when it is received by the bank. Hence, they say they didn't receive the payment on time. If you call customer service, they will give you the canned answer that you should be sending in the payment to allow for 10 day delivery. The last time I checked, it doesn't take nearly 10 days to receive mail anywhere in the continental U.S. 

Now that they have forced your hand to move to their on-line payment method if you want a solid record of when the payment was received and recorded, this is where the "slick" comes into play. Once you sign-up for Selene Finance on-line paymenet, (what for it...) you only have 15 days to schedule a payment in advace. In other words, you must litterly log into your Selene Finance account and setup a scheduled payment no earlier than 15 days in advace. WHAT? Wouldn't it make sence to allow you to schedule ALL off your montly paymenet ahead of time so you don't miss a payment? This is by design, so you will most definitely make a late paymenet sometime in the next 15-30 years...right? Vacatiions, sick, death in the family...etc. and you will forget to setup your monthly mortgage payment sooner or later. When I asked Selene about this underhanded way of doing business, they simply said that this is an IT (Information Technology) provision and that is the way it is designed to work.

Anyway, I'm still with Selene Finance and have had no late charges yet. In Selence Finance defense to the above, they did refund my late payment since I was not aware of this practice. How nice of them. Its only a matter of time before they get it back....right? NOT!