Any mortgage lenders/gurus in the house?

[Homerr]

Could someone answer this:<br /><br />1. Does your mortgage company BY LAW have to send you a statement?<br /><br />2. Does your mortgage company have to send that statement with sufficient time for you to pay?<br /><br />I couldn't be more upset when I found out my mortgage was sold to Countrywide Home loans. <br />I read several horror stories about them... I just about lost my lunch.<br /><br />I intend to re-finance next week with a different lender.<br /><br />Countrywide acquired my loan as of 10/19/04. The first payment was to start on 11/1/04. <br />I was even graced with a phone call at work asking where my payments were... even though I had no account #, or statement!<br /><br />I (angrily) informed the person I spoke with that without a valid account # or statement, I won't send any payment. She tried to tell me that they DON'T HAVE TO SEND STATEMENTS and that I should just go ahead and send my payment anyway! <br /><br />What is this person smoking? Yea sure... I'm going to blindly send my money with no number?<br /><br />After multiple phone calls and 3 certified letters, I finally received my first statement on 12/29/04. Funny thing is, it doesn't show an 11/1 payment due. <br /><br />Which brings another question... My on line account shows an 11/1 and 12/1 payment due w/late fees... My paper statement only shows a 12/1 payment due with no late fees.<br />Legally... which is correct? I'd think it is the paper one they sent to me?<br /><br />Also, the date on their statement is 12/15/04.<br />The grace period is 12/16/04. <br />Obviously I shouldn't have to pay the late fee.<br /><br />I think it is illegal for them to purposely send out statements late. Or is it?<br /><br />I sent my December payment immediately by priority mail w/delivery confirmation. I won't pay by their web site because when you log in, it asks you when will you be sending payments, and a drop-down list of choices of why you are delinquent!<br /><br />Excuse me?<br /><br />I'm not the one who sent the statements late, and I darn sure won't admit that I'm delinquent.<br />It won't even give you a box to write in your own reasons. It just gives you a reason to choose... All of course are your fault.<br /><br />Thanks,<br /><br />H.

 

[JB]

Re: Any mortgage lenders/gurus in the house?

Hmmm. Sounds like a bunch of predators to me, Homerr. I think refinancing is a good idea.<br /><br />I own a couple of mortgages. Each of the debtors has a schedule of payments and amortization prepared by my lawyer that lists each payment, principal balance before and after, amount applied to principal, amount of interest, etc.<br /><br />Each person makes every payment on time or within a couple of days.<br /><br />There is crap in the contracts about grace periods, penalties, etc., but the subject never has come up in 5 years.<br /><br />I send each a summary of the previous year for tax purposes in Jan. That is the only thing I have ever needed to send to them.<br /><br />I am sure my lawyer would let me know if there was anything required by law that I haven't done.<br /><br />Good luck.

 

[roscoe]

Re: Any mortgage lenders/gurus in the house?

Many of the requirements vary by state.<br />I would contact your state attn generals office, which will likely refer you to the state banking regulatory board, lending authority, or div of consumer affairs.<br /><br />Have had 4 morts and all provided a payment coupon book, or allowed me to make direct payments at any branch office of my bank.

 

[Homerr]

Re: Any mortgage lenders/gurus in the house?

Yes, JB.. they are definitely predators, and I'll be ending it soon with a re-fi.<br /><br />I've never been late with my mortgage, and I darn sure won't let this place mar my credit because of their mistakes.<br /><br />Even a payment schedule would have been nice like you have going, but this place has sent nothing prior to my letters and calls.<br /><br />I don't think I'm going to give them a chance. I'm refinancing next week.<br />I may lose some in the fees, but it will be worth not having the headaches.<br />Maybe I can get in on a class action suit and get some of my re-fi fees back. Doubtful, but you never know.<br /><br />I'll bet dollars to donuts they don't credit my payment I just sent properly.<br /><br /><br />Here's one site that I found about Countrywide:<br /><br /> http://www.countrywidehomeloansucks.com/new_page_2.htm <br /><br />H.

 

[OLDSPUD]

Re: Any mortgage lenders/gurus in the house?

In the closing document package their is a disclosure about loan transfers and servicing transfers. I seem to remember that they disclose that upon a transfer, they should notify you at least 15 days in advance before the next payment is due. This is probably just a disclosure and not a requirement for notification.<br />I've closed hundreds of Countrywide loans, they are one of the tougher closings, but definatly not the worst.<br />Bad thing is, Countrywide has probably already dinged your credit with a 30 day late. Not to good as credit goes. Could hurt, my wife has a Countrywide 30 day late on her credit with almost the same situation as yours. She has tried to get them to clear it, but it is still there. They stay on for quite a while, 7 years.<br />Also, once you sign the note, your obligated to pay NO MATTER WHAT, & pretty much if you don't know where, you better find out where. <br />I'm sure you could try to get them in trouble, but your complaint will go where all the others go, Who Knows Where?<br />Good Luck, and go for the re-fi, problem is, you may end up with Countrywide again.

 

[Homerr]

Re: Any mortgage lenders/gurus in the house?

I just looked at my credit reports, and Countrywide isn't even on there as my mortgage holder. It still shows my old one.<br />There are no late marks.<br /><br />And from what I've read, you can make a requirement in your re-fi documents that they do not sell to Countrywide. Dunno what kind of red tape that will create, but I'll find out.<br /><br />I have enough documentation against them so far, that if they even dare try to ding my credit, I'll sue them... Yes, along with everyone else!<br /><br /><br />Oh and... speaking of the 15 day notice of transfer?... they did NOT respond in that time frame either.<br />The effective date of transfer was 10/19. I didn't get any 'welcome package' or anything.<br /><br />If they are suppose to notify me at least 15 days before the payment is due, then where is my January statement? Remember.. I just received my December statement on 12/29/04! <br />That statement was dated 12/15/04... And it took 14 days to get from Van Nuys California to Oregon?<br /><br />H.