First Frank and Janet thought it was a very simple error. Their mortgage had been not too long ago sold to a new corporation with a new servicing corporation. As with the prior lender, they had sent in their mortgage payment by way of a individual check amongst the first and the fifteenth of the month and the payment had been posted with tiny occasion as becoming received as agreed.
About the 20th of month, a rather cryptic get in touch with 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 quickly. OK Frank and Janet reasoned that the payment may well have been lost in the mail. Issues happen, even though it was the initially time in two years that a payment was late. Frank and Janet has some credit challenges three years ago and found it important to entertain a sub prime loan to acquire the residence that they presently resided. Thus they had been dealing with a sub prime lender and all that goes with it. Immediately, Frank and Janet known as buyer service and were able to make a check debit on line for the payment plus a late fee suitable out of their checking account. The late fee of five% amounted to $62.50. Frank told the mortgage-servicing representative that they would put a cease payment on the verify and instructed them to flag the account and not deposit that distinct check (with #10224 check number dated on the 2nd of that month) as he was going to place a “Cease Payment” on it. Right after the call they referred to as their bank and place a “cease payment” on that check. This cost them $25. Five days later a further get in touch with came in from the mortgage servicing firm stated that they had deposited the mailed check and it came back resulting in a $50 charge for the transaction considering the fact that it hadn’t gone by means of. The conversation went nowhere as there wasn’t a record anywhere.
mortgage advisor belfast and Janet looked at every single other and collectively rolled their eyes though verbally reviewing what had transpired. Frank asked Janet rhetorically, “Can you believe this”?
Next month rolls around and this time Frank and Janet make a special effort to send the mortgage payment in close to the initial of the month. Around the 20th of the month, Frank and Janet received a different call from the mortgage servicing organization indicating once more, that the payment had not been received and that there would be one more late charge. The discussion became incredibly heated with Frank top the charge. Frank demanded to speak with a supervisor with regards to the second time around of the mishandling of the month-to-month mortgage payment. The supervisor was not of a great deal support claiming the verify had not been received. Frank and Janet were determined that they would not put a different “Quit Payment” on this verify at a expense of $25. Not obtaining any satisfaction, Frank told the customer 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. Yet another $62.50 late charge would apply. Frank and Janet have been frosted beyond belief but at the exact same time relieved that the check had arrived. What could be going on they wondered.
The subsequent month Frank and Janet decided to send in the mortgage payment a week prior to the 1st providing the mortgage servicing firm plenty of time to receive and post the payment effectively within the time frame. On the 20th of that month a get in touch with was received from the mortgage servicing organization stating when 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. Janet pressed the supervisor further, “Has this been a recurring problem with other borrowers?” There was a extended pause of silence from the supervisor followed by, “Uh…no…I don’t think so.” Janet wasn’t happy 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 personal spirited credit repair campaign.
Straight away, soon after acquiring off the phone with the supervisor Janet and Frank went on line and began researching the firm for any info that may possibly shed some light on what was happening. It was located a series of stories and articles about complaints regarding this servicing company. A ton of new service small business had been added with no the staff to manage it. Check and payments had been stacked up and untouched. Troubles and complaints mounted. State and Federal agencies were suing with enormous 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.