What if I don’t receive a billing statement?
Call SAMO at 800-414-1226. We will ensure your
account is properly noted and advise how you can
make your payment.
NOTE: You can use any of the other methods of
payments described on page 6. To mail payments,
see page 5-6 of this booklet.
Can I receive billing statements in Braille?
Yes. Please contact a customer service representative
at 800-414-1226 to initiate this service.
Can I make my payment with cash?
No. Acceptable forms of payment include
preauthorized debit (PAD), checks, money orders,
bank drafts or electronic funds such as Customer
Initiated Payments (CIP) / check by phone as detailed
on pages 6-7, Western Union, or MoneyGram.
What is a preauthorized debit (PAD)?
Under a preauthorized debit payment (PAD), the
monthly amount due is automatically withdrawn from
your checking or savings account on the same date
each month. You will receive confirmation that your
payment was withdrawn from your bank account. The
confirmation of payment looks like a billing statement.
However, because your account is on PAD, the
statement is for informational purposes only.
A preauthorized debit is the most reliable and
convenient method of making your mortgage
payment. Since payments are automatically
withdrawn from your checking or savings account,
payments are always made on time. PAD also saves
on postage or third-party usage fees.
How do I establish a PAD account?
To establish a PAD account, contact a customer
service representative at 800-414-1226.
What happens if I pay more than the
amount due?
When more than a full scheduled payment is
received, any remaining funds in excess of your
payment typically are applied to the principal balance
of your loan.
What happens if I only send a partial
monthly payment?
If less than a full scheduled payment is received,
the partial payment will appear on your account
statement. However, the funds cannot be posted
to your account until the total amount of your
payment has been received.
Example: A full payment amount is $300,
but a partial payment of $250 is made. Until
the remaining $50 is paid to equal the full
payment amount, the $250 will be held in
“unapplied” status and the payment will be
considered late until the total amount due -
$300 - is received.
If the full amount due is not received by the
due date, you may be contacted by a Servicing
Office counselor regarding remittance. Further, if
payment in full is not received within 15 days of
the due date, a late fee may be charged.
Can I round off my payment?
Yes. If you want to round off your payments, you
must round up to the nearest whole dollar. If
you round your payment down, the payment will
be less than the full scheduled payment, and
will not post to your account. This could result in
your payment being considered past due.
Example: If rounding, $431.03 should be
rounded up to $432.00. The additional .97
cents will be applied to principal as long as
payments on the account are up-to-date.
If an amount over my regular payment
is applied to principal, how can I pay my
monthly payment ahead of schedule?
If you wish to pay in advance on a scheduled
installment payment, the extra amount must
be for the exact amount of the next scheduled
payment. The Servicing Office must be informed
that this payment amount is intended to pay your
loan ahead of schedule, and not to reduce the
principal. Call 800-414-1226 to discuss.
When is an account considered past due?
An account is past due if the full scheduled
payment amount is not received by the due date.
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