1st Frank and Janet thought it was a very simple error. mortgage broker belfast had been not too long ago sold to a new organization with a new servicing enterprise. As with the prior lender, they had sent in their mortgage payment by way of a personal check among the very first and the fifteenth of the month and the payment had been posted with small event 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 needed to make a payment right away. OK Frank and Janet reasoned that the payment might have been lost in the mail. Factors happen, despite the fact that it was the initial time in two years that a payment was late. Frank and Janet has some credit challenges 3 years ago and located it essential to entertain a sub prime loan to purchase the property that they at present resided. As a result they were dealing with a sub prime lender and all that goes with it. Rapidly, Frank and Janet named customer service and had been able to make a verify debit on line for the payment plus a late charge suitable out of their checking account. The late fee of five% amounted to $62.50. Frank told the mortgage-servicing representative that they would place a cease payment on the check and instructed them to flag the account and not deposit that distinct check (with #10224 verify number dated on the 2nd of that month) as he was going to place a “Quit Payment” on it. Immediately after the contact they referred to as their bank and place a “stop payment” on that verify. This price them $25. 5 days later one more 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 because it hadn’t gone through. The conversation went nowhere as there wasn’t a record anywhere.
Frank and Janet looked at each and every other and collectively rolled their eyes although verbally reviewing what had transpired. Frank asked Janet rhetorically, “Can you believe this”?
Subsequent month rolls around and this time Frank and Janet make a specific effort to send the mortgage payment in close to the 1st of the month. About the 20th of the month, Frank and Janet received yet another contact from the mortgage servicing corporation indicating once more, that the payment had not been received and that there would be a different late charge. The discussion became extremely heated with Frank major the charge. Frank demanded to speak with a supervisor relating to the second time around of the mishandling of the month-to-month mortgage payment. The supervisor was not of a lot aid claiming the verify had not been received. Frank and Janet were determined that they would not put one more “Quit Payment” on this verify at a price of $25. Not receiving any satisfaction, Frank told the consumer service supervisor that he would get in touch with 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. Another $62.50 late charge would apply. Frank and Janet were frosted beyond belief but at the similar 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 just before the 1st providing the mortgage servicing company lots of time to acquire and post the payment nicely inside the time frame. On the 20th of that month a get in touch with was received from the mortgage servicing business stating as soon as 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 verify had not been received. Janet pressed the supervisor additional, “Has this been a recurring dilemma with other borrowers?” There was a extended pause of silence from the supervisor followed by, “Uh…no…I never believe so.” Janet wasn’t satisfied with any of the answers and what was going on with this new mortgage servicing organization 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.
Promptly, following receiving off the phone with the supervisor Janet and Frank went on line and began researching the business for any information and facts that could possibly shed some light on what was happening. It was located a series of stories and articles about complaints concerning this servicing corporation. A ton of new service enterprise had been added devoid of the employees to manage it. Check and payments were stacked up and untouched. Problems and complaints mounted. State and Federal agencies were suing with massive fines to be levied. Frank and Janet decided to send bank checks by certified mail return receipt. This was less expensive than $62.50 a crack and could now prove prepared receipts of their payments.