I had no problem with this company until now, other than an excessively high interest rate. We did not realize that we got a Equity Line. We thought we had a fixed mortgage. I have been trying to get this converted to 15 yr term. They will not even consider for 3 yrs. Now the problems has started. My payment is due on the 14th. As with any fixed mortgage you have a grace period. Not with M & T Equity line. If your payment is due on the 14th, it's has to be there by close of statement. If it arrives after the date. it's applied to next payment due, which make you other payment late. Basically they want 2 payment back to back!


Example : March payment due on 14th. Statement closes on the 19th. Payment arrives on the 20th. Payment applied to April 14th payment. If you wait to pay April's payment, as of the 14th your March payment is 30, or 31 days late. This depends on month. This is a crock of crap! Now they report you to credit bureau for 30 days late.

Oh! Lets not forget that the harassing phone calls start. I say screw all the banks! Just another bank trying to take advantage of people's misfortune in this wrecked economy


Anthony MD.