I have yet to be late on a payment but am on the verge of losing my house because of a stupid mistake my mortgage company made and won't yet own up to. I've been fighting them on this for 7+ months now.
Why can't mortgage companies be as cool as I am?
2007-04-27 04:32:46 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Have you got honest, factual, printed documentation of the error? Have you got a copy of the rules that say it's their fault?
Contact the company, ask if they have an ombudsman, a customer advocate, or something like that. Meet with them, and lay out your case in a calm, rational, logical way. You may be frustrated like there's no tomorrow, but you won't help your case by yelling or jumping up and down.
If the problem can be solved by paying a moderately small penalty, it might be cheaper for you to do that, even if you're not at fault. Are you risking a $200,000 investment over a principal, for a $200 fine they're imposing that you don't think you owe? If so, you may not be the only highly principled homeless person because of that attitude.
Finally - think hard about refinancing with another mortgate company if you can.
2007-04-27 04:41:03 · answer #1 · answered by Ralfcoder 7 · 1⤊ 0⤋
It can be frustrating but mortgage companies do make mistakes. Document your conversations with them in writing. Follow up each telephone call with a letter. Ask for an audit of your account, they will provide it. You do not say if your mortgage is FHA insured or now, if it is you have specific rights and the mortgage company has to follow procedures. If it is not FHA insured, you can still work to remedy the error. If all else fails, contact a knowledgeable real estate attorney.
2007-04-27 11:37:06 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Without information on what they did wrong, there isn't a lot I can tell you for recourse. If you have not been late on a payment, then you should not be on the verge of loosing your home, as defaulting on the payments are the only way a bank can legally take a house back. Add some info, and maybe I can give you some helpful advice on how to advocate for yourself.
2007-04-27 11:46:26 · answer #3 · answered by novastarbanker 3 · 1⤊ 0⤋
It's impossible to give a non biased answer to this question without knowing the mistake they made. Most of the people I deal with have issues with their escrow account (your mortgage company collecting your taxes and insurance). If this is the case (and it caused your payments to shoot up) then you can pay them a lump sum to balance out your account.
2007-04-27 13:25:38 · answer #4 · answered by Nick Z 1 · 0⤊ 0⤋
To get this monkey off your back, I would suggest changeing mortgage companys ASAP! You might get a better rate, and im sure you just want the headache to go away, so change companys.
2007-04-27 11:43:58 · answer #5 · answered by Mike E 3 · 1⤊ 0⤋
Consult a real estate attornye NOW.
2007-04-27 11:38:24 · answer #6 · answered by Anonymous · 1⤊ 0⤋
take them to court make sure you bring all of your receipts if you truly are paying your bills on time then you definitely shouldnt be going through this
2007-04-27 11:44:35 · answer #7 · answered by Rae 4 · 1⤊ 0⤋
Sue them in small claims court.
2007-04-27 11:35:58 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Nobody can be as cool as you!
2007-04-27 12:14:51 · answer #9 · answered by Tizzle 3 · 1⤊ 0⤋