Where are you people banking? Costa Nostra Savings and Loan? All I can say is it ain’t that way round here.
Several years ago, my loan was sold. I got a letter from the new bank, saying I hadn’t given them the information on my insurance company....and they were going to buy me new insurance from another company. It was quadruple the normal rate, so my escrow payment was going up.
I straightened it out - but I smelled scam, rip-off, preying on people, etc. all over it. I’m sure they did the same thing with every loan they bought, and a small percentage of people allowed themselves to be bullied.
Our brain dead news media finally wake up: This scam has been going on for about 12 years. The problem is there is no regulation under federal or state statute. Zero. Nada. None. The 'mortgage servicing' fraud artists [debt collectors] have been left free to rape, pillage and burn our society.
These fraud artists doctor up payment records then send late notices and collection letters. They pack on late fees like crazy. Then add bogus legal fees. People with trashed credit scores cannot refinance. Illegal foreclosures abound all across the land. Our whole country is in the greedy grip of organized crime!
Please check my freeper page and scroll down. This info has been posted there for months. Check out the yellow section near the end.
Merry Christmas !
Excellent advice — especially the one about paying the mortgage early and paying the latefees and contesting them afterwards.
While you may be right, if you don’t pay mortgage and late fees, they can still damage your credit rating seriously, which is almost impossible to correct.
This applies to any other bills as well.
I found out a lot of companies, including medical offices, have you send payments to “bank lockboxes” (of course you have no idea that the address you are sending it to is such a place), where your payments gets cashed immediately, but it doesn’t get credited to your account until weeks, even a month later.