Other Talk "Otterville" plus Religion/Politics

Mortgage Company Woes

Old 08-21-05, 11:05 PM
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Mortgage Company Woes

I could really use some advice here...

I make my payments on time every time
Out of the blue the company tells me I owe money- They tell me I have not been paying enough. After many phone calls I am finally told that they have no proof of insurance, so they had to pay the insurance. This is total B.S. and I tell them as such. They tell me to have my insurance company fax them proof. I do this immediately. They STILL tell me I owe money. They have told me: I sent the fax to the wrong person, where they receive faxes is in a different building and must have been lost in transit, I did not send the right months...etc.

Anyway, I have been patient and jumped through their hoops and the problem still has not been resolved. This has even shown up on my credit report!

Any suggestions?
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Old 08-22-05, 12:08 AM
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Torch the place. Then file an insurance claim.
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Old 08-22-05, 12:14 AM
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This is why I only get mortgages through local banks, I can walk in and talk to the person. And do you escrow? If so, they should have the proof that you have insurance that they need. If you don't have escrow and change insurance companies, be sure to always tell whoever holds your mortgage that you've changed insurance companies and what the new company is.

Anyway, in the fine print of your contract was a clause that said if you did not buy insurance, they will buy it and charge you for it. I assume they would send you a letter first before just buying it, but for some reason they didn't. Now they don't want to acknowledge your original insurance because they've already spent money on insurance, and they want you to pay it.

Now, I've never been through this, but if I were you...

First I'd talk to the loan officer at whichever bank has your other business (checking account, savings account, etc). Kind of hint that you may be refinancing once this is straightened out, they'll help you. Second, call your state's insurance commission, see what they say. Third, consider calling your state's attorney general's office, just to see if they can do anything for you. Fourth, ask your insurance agent to kindly FAX a letter stating that you've had constant insurance for whatever time frame the mortgage company is interested in.
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Old 08-22-05, 08:03 AM
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Originally Posted by Heat
This is why I only get mortgages through local banks, I can walk in and talk to the person.
Many banks sell your loan anyway, so even going to a local bank doesn't ensure they'll be the folks you're dealing with. One of the reasons (besides the great rate) that I went with my credit union - they don't sell their loans.

Heat's advice is good, although I would, as a first step, send a certified letter with the proof of insurance.
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Old 08-22-05, 08:04 AM
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These hassles are just part of life. You are probably in for several more hours of hassle before you are done, but you need to make sure that the right person gets your fax even if you have to send it multiple times. Call and verify that you are sending it to the right place and then after you send it wait 1 day and call again to make sure it was received. If not, do it all again. Every day this drags out will cost you more money so keep on it.

You might want to consider having the insurance paid through escrow so that you don't have these issues in the future.
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Old 08-22-05, 02:56 PM
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Which bank are you having issues with?

Do you have copies of your settlement statement, which would show if you escrowed or not? Do you have recent statements from your current mortgage lender showing the monthly amount of escrow?

How much are your taxes per year? How much is your insurance?

When does your insurance expire? Make sure to pay it if the bank seems unwillingto. Do NOT under any circumstances let it lapse. Work out who should pay it next year later on, but have it paid ASAP.

What is the balance in your escrow account?

These are the questions that need to be answered before you can be provided any concrete help ("They failed to collect an additional $47.15 for the past 11 months, so here's what we do").
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Old 08-22-05, 03:08 PM
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This also recently happened to me. My mortgage company said that I didn't have enough money in my escrow account and that my monthly payments are now going to be like $90 more a month. I think because of the taxes. Anyway it sucks..

I know your pain.
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Old 08-22-05, 03:09 PM
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It happens, it sucks, and there is little you can do about it. My bank tried to pay taxes on a different parcel that I own. They were already paid, so they didn't pay the taxes on my house. I found out, paid them, and tried to get reimbursed for 3 months on the penalties and interest. Next year, same thing happens. I didn't pay them, told them what they had done, and to fix it. Eventually they did, and they got stuck with the penalties, etc.
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Old 08-22-05, 03:21 PM
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Same thing happened to me....got a letter saying there was a shortfall on my escrow account. Basically, they underestimated my property taxes by about $400. What's even better is that had gone 2 years before my escrow reached the limit for them to send a notice. I owed around $800 to get my escrow caught up, or else my mortgage was going to increase $140/mo. Even after I paid the shortfall, my monthly payment still increased but by $50 instead of $140.
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Old 08-22-05, 03:34 PM
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Originally Posted by Tygan
Same thing happened to me....got a letter saying there was a shortfall on my escrow account. Basically, they underestimated my property taxes by about $400. What's even better is that had gone 2 years before my escrow reached the limit for them to send a notice. I owed around $800 to get my escrow caught up, or else my mortgage was going to increase $140/mo. Even after I paid the shortfall, my monthly payment still increased but by $50 instead of $140.
Bitches...That's exactly what happened to me. Glad to know I'm not the only one.
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