Mortgage Credit Repair After Experiencing Mortgage Servicing Hell

Initial Frank and Janet thought it was a uncomplicated error. Their mortgage had been lately sold to a new organization with a new servicing organization. As with the prior lender, they had sent in their mortgage payment by way of a private verify involving the initially and the fifteenth of the month and the payment had been posted with little occasion as getting received as agreed.

About 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 immediately. OK Frank and Janet reasoned that the payment might have been lost in the mail. Points occur, despite the fact that it was the initially time in two years that a payment was late. Frank and Janet has some credit challenges three years ago and located it essential to entertain a sub prime loan to acquire the house that they presently resided. Therefore they have been dealing with a sub prime lender and all that goes with it. Promptly, Frank and Janet known as customer service and were in a position to make a verify debit on line for the payment plus a late charge ideal out of their checking account. The late charge of five% amounted to $62.50. Frank told the mortgage-servicing representative that they would put a quit payment on the check and instructed them to flag the account and not deposit that specific check (with #10224 verify quantity dated on the 2nd of that month) as he was going to place a “Quit Payment” on it. Immediately after the get in touch with they known as their bank and put a “cease payment” on that verify. This cost them $25. 5 days later a further contact came in from the mortgage servicing organization stated that they had deposited the mailed verify and it came back resulting in a $50 charge for the transaction given that it hadn’t gone by way of. The conversation went nowhere as there wasn’t a record anyplace.

Frank and Janet looked at each and every other and collectively rolled their eyes while 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 first of the month. About the 20th of the month, Frank and Janet received an additional get in touch with from the mortgage servicing firm indicating again, that the payment had not been received and that there would be one more late charge. The discussion became very heated with Frank major the charge. Frank demanded to speak with a supervisor relating to the second time about of the mishandling of the monthly mortgage payment. The supervisor was not of considerably assist claiming the check had not been received. Frank and Janet were determined that they would not put a further “Stop Payment” on this verify at a price of $25. Not obtaining any satisfaction, Frank told the buyer service supervisor that he would contact back in seven days to see if the check 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. An additional $62.50 late charge would apply. Frank and Janet had been frosted beyond belief but at the exact same time relieved that the check had arrived. What could be going on they wondered.

The next month Frank and Janet decided to send in the mortgage payment a week prior to the 1st providing the mortgage servicing business lots of time to acquire and post the payment properly inside the time frame. On the 20th of that month a call was received from the mortgage servicing organization stating as soon as once again the payment had not been received. Frank and Janet have been beside themselves. This time Janet demanded to speak with a supervisor. The supervisor explained that the check had not been received. Reverse Mortgage Info Podcast pressed the supervisor additional, “Has this been a recurring difficulty with other borrowers?” There was a extended pause of silence from the supervisor followed by, “Uh…no…I never consider so.” Janet wasn’t happy with any of the answers and what was going on with this new mortgage servicing enterprise 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 personal spirited credit repair campaign.

Quickly, immediately after acquiring off the phone with the supervisor Janet and Frank went on line and started researching the enterprise for any details that may well shed some light on what was happening. It was identified a series of stories and articles about complaints concerning this servicing organization. A ton of new service organization had been added without the employees to handle it. Verify and payments have been stacked up and untouched. Problems and complaints mounted. State and Federal agencies have been suing with huge fines to be levied. Frank and Janet decided to send bank checks by certified mail return receipt. This was less costly than $62.50 a crack and could now prove prepared receipts of their payments.