My mortgage was sold in June 2007 to a new lender. Of course, I'd already sent my payment to the old lender. Well, now my old lender is withholding my June payment from the new lender for reasons beyond me. As a result, every payment that I make (which has been on time) is appearing as 30 days late because they are applying it to the previous month. I have faxed proof of payment to my new lender who has been trying to contact the old lender but keeps getting the "we're sending it out today" story. I make countless weekly calls to both companies speaking with various "managers and supervisors" to no avail. My new company states they may have to advance payment to my account and go directly after old lender but seems to be dragging their feet about it. As a result my credit score is falling. I just don't know what to do at this point and neither company is really helping me. Does anyone have any advice? Do I need to take legal action? All advice is greatly appreciated. Thanks!
2007-12-25 18:36:13 · 6 answers · asked by Sonya W 1 in Business & Finance ➔ Renting & Real Estate
Better Business Bureau and the FDIC
2007-12-25 18:39:52 · answer #1 · answered by Brad B 3 · 0⤊ 0⤋
Why is your new lender reporting this situation to the credit bureaus as late ? If the new lender is fully aware of the situation, it should ALSO be taking actions to prevent the information from incorrectly damaging your credit report.
Call the new lender and ask to speak to someone in authority, rather than just customer service.
And for heaven's sake, do not follow the previous advice and get an attorney involved, at least at this point. Many folks seem lawsuit happy and expect that they will get some sort of fantastic settlement out of such situations. It's not the reality of what occurs. Hire an attorney ONLY after all other efforts have proved fruitless.
2007-12-26 07:45:05 · answer #2 · answered by acermill 7 · 1⤊ 1⤋
hire an attorney to SUE the old company which has your money and never applied it to the mortgage. They are committing FRAUD by not forwarding the money and you can prove SIGNIFICANT DAMAGES to your credit rating. They need to pay the payment over to the new lender WITH INTEREST AND ANY LATE FEES YOU INCURRED, plus damages to you.
2007-12-26 02:41:50 · answer #3 · answered by Mike 7 · 1⤊ 1⤋
You can contact your state's banking commission.
What state are you in?
For example, in Massachusetts, we can go here:
http://www.mass.gov/?pageID=ocasubtopic&L=5&L0=Home&L1=Consumer&L2=Banks+%26+Banking&L3=Consumer+Complaints+%26+Public+Resources&L4=Complaints&sid=Eoca
and fill out the form.
You may have to make an extra payment for now, just to stop the late cycle, and then continue trying to recoup your old payment.
2007-12-26 18:23:26 · answer #4 · answered by justcurious 2 · 0⤊ 0⤋
search the web
2007-12-26 02:39:04 · answer #5 · answered by Janet 7 · 0⤊ 1⤋
ask a counciler or if you have the guts ask a friend or family member and search that web
2007-12-26 02:40:21 · answer #6 · answered by plum8 1 · 0⤊ 2⤋