Everyone forgets a bill or goes over their budget every now and then. At LandCentral we try very hard to remind all of our customers about their monthly payments, and we work to help you catch up if you fall behind. There are several options to assist someone when they need to catch up on payments. The following are the schedules LandCentral adheres to when someone has fallen behind on their payment.
For new customers who have never made a payment on their property there is a strict schedule for catching up. If you are late making your very first payment to us, here is our notification timeline:
- Day 1: Payment is due.
- Days 12 – 14: The account is still within the 15 day grace period. An email reminder is sent to let you know your payment is about to be late.
- Day 15: A late fee is applied to the account. Written notification is sent by mail.
- Days 16 – 25: LandCentral will attempt to contact you by phone and email to resolve the problem.
- Day 30: Your account is closed. Written notification is sent. You lose the property and your initial investment. You are charged a $200.00 cancellation fee. This may affect your ability to purchase land from LandCentral again in the future.
Please contact us before this final step, no matter what your situation!
Once someone has established a payment history there are more ways we can assist you in catching up on late payments. We value our existing customers, and we want to work with them. Here is our notification timeline for a person with a successful payment history:
- Day 1: Payment is due.
- Days 12 – 14: The account is still within the 15 day grace period. An email reminder is sent to let you know your payment is about to be late.
- Day 15: A late fee is applied to the account. Written notification is sent by mail.
- Day 30: Written notification is sent stating that your account is 1 month behind.
- Day 60: Written notification is sent stating that your account is 2 months behind.
- Day 90: Written notification is sent stating that your account is 3 months behind and will be closed within 10 days.
- Day 100: Your account is foreclosed. You lose the property and the money you have paid towards it.
What to do if you start to fall behind:
- Contact us immediately. We are often willing to work with you and have several payment options to help you catch up. However, we can’t do anything if we never hear from you.
- Work out a payment plan as soon as possible. The more you fall behind, the harder it is to catch up. If you arrange a payment plan right away, it will be much easier for you.
- Make sure your contact information is up to date. We send out a large number of payment reminders to help you stay on track. If your phone number, mailing address, or email address changes, let us know right away.