Itís Your Money > Real Estate Information

Foreigner Friendly Rentals?

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bigrod:

--- Quote from: Hestecrefter on June 23, 2018, 01:01:42 AM ---Reading on here about post-dated checks reminds me of an experience I had back in the 1990s.  By that time I had been living in Los Angeles for a few years and I was heading off to the Phils. for about 7 months.  I owned our home in LA, subject to a mortgage in favor of the now-defunct (I can guess why) Washington Mutual Bank.  My mortgage payment was $2,852/mo.  So gave them 7 post-dated checks, one for each of 7 months.

I was a bit shocked to check my B of A bank balance one day to find it seriously depleted.  Washington Mutual cashed all 7 checks the day they were received.  When I called to complain about the $20,000 removed from my account in one shot, even though the checks were dated in the future, I was scolded and sternly informed: "There is no such thing as a post-dated check known to U.S. banking."  Lesson learned.

--- End quote ---

While the statement about US banking is true, they the mortgage company are not a bank.  They IMO should have returned the posted checks or held them to the appropriate date.  To my knowledge the banks in the Philippines do not accept/hold post dated checks either.  Individuals and companies on the other hand do as a guarantee for future payments since if they bounce they can file Estafa charges.

Chuck

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