Mortgage Credit Repair Following Experiencing Mortgage Servicing Hell

Initial Frank and Janet believed it was a simple error. Their mortgage had been lately sold to a new organization with a new servicing enterprise. As with the prior lender, they had sent in their mortgage payment by way of a private verify between the first and the fifteenth of the month and the payment had been posted with small occasion as being received as agreed.

Around the 20th of month, a rather cryptic contact was received on the answering machine stating the payment had not been received and a late charge would be applied and charged and that they required to make a payment promptly. OK Frank and Janet reasoned that the payment may possibly have been lost in the mail. Points come about, while it was the 1st time in two years that a payment was late. Frank and Janet has some credit challenges three years ago and identified it important to entertain a sub prime loan to invest in the house that they at present resided. Hence they were dealing with a sub prime lender and all that goes with it. Immediately, Frank and Janet called customer service and were capable to make a verify debit on line for the payment plus a late fee correct out of their checking account. The late fee of 5% amounted to $62.50. Frank told the mortgage-servicing representative that they would place a quit payment on the check and instructed them to flag the account and not deposit that unique verify (with #10224 check number dated on the 2nd of that month) as he was going to place a “Quit Payment” on it. Soon after the call they named their bank and place a “stop payment” on that verify. This expense them $25. Five days later another contact came in from the mortgage servicing business stated that they had deposited the mailed verify and it came back resulting in a $50 charge for the transaction since it hadn’t gone via. The conversation went nowhere as there wasn’t a record anyplace.

Frank and Janet looked at each other and collectively rolled their eyes even though verbally reviewing what had transpired. Frank asked Janet rhetorically, “Can you believe this”?
Subsequent month rolls about and this time Frank and Janet make a unique work to send the mortgage payment in close to the initially of the month. About the 20th of the month, Frank and Janet received one more contact from the mortgage servicing corporation indicating again, that the payment had not been received and that there would be a further late charge. right to buy mortgages no deposit became incredibly heated with Frank leading the charge. Frank demanded to speak with a supervisor relating to the second time around of the mishandling of the month-to-month mortgage payment. The supervisor was not of a great deal assistance claiming the check had not been received. Frank and Janet had been determined that they would not put a different “Stop Payment” on this check at a price of $25. Not acquiring any satisfaction, Frank told the consumer service supervisor that he would call back in seven days to see if the verify had been received and posted. Seven days later, Frank referred to as and the verify had been received and posted but there would be a late charge that would apply. A further $62.50 late charge would apply. Frank and Janet had been frosted beyond belief but at the similar time relieved that the verify had arrived. What could be going on they wondered.

The next month Frank and Janet decided to send in the mortgage payment a week ahead of the 1st providing the mortgage servicing company lots of time to acquire and post the payment well inside the time frame. On the 20th of that month a contact was received from the mortgage servicing firm stating as soon as once more the payment had not been received. Frank and Janet had been beside themselves. This time Janet demanded to speak with a supervisor. The supervisor explained that the check had not been received. Janet pressed the supervisor additional, “Has this been a recurring dilemma with other borrowers?” There was a extended pause of silence from the supervisor followed by, “Uh…no…I do not consider so.” Janet wasn’t satisfied with any of the answers and what was going on with this new mortgage servicing corporation and was determined to get the bottom of these “phantom late charges”. Adding insult to injury, the following month a thirty-day late was reported to the credit bureau. Frank and Janet engaged in their own spirited credit repair campaign.

Immediately, right after getting off the telephone with the supervisor Janet and Frank went on line and began researching the organization for any information that might shed some light on what was taking place. It was identified a series of stories and articles about complaints with regards to this servicing enterprise. A ton of new service company had been added without the need of the staff to handle it. Verify and payments had been stacked up and untouched. Challenges and complaints mounted. State and Federal agencies had been suing with massive fines to be levied. Frank and Janet decided to send bank checks by certified mail return receipt. This was more affordable than $62.50 a crack and could now prove ready receipts of their payments.