Mortgage Servicer Reasons For Not Accepting Payments

msfraud.org ^

[flushing_kenny]

I have to agree. I work in the finanancial industry and told a coworker to go with our firm instead of a mortgage broker. She didnt listen and got screwed at the last minute with all sorts of oddball fees.

I had a mortgage w/ Countrywide way back when and had no trouble with them, even as I prepaid that mortgage down every month and paid it off 4.5 years into a 15 yr loan. They tend to hold onto their loans (but if BoA buys them out, that may be another story).

Even my firm has pulled out the wholesale/correspondence loan business (dealing w/ mortgage companies and small banks to originate your mortgage). In a few years, we should see the mortgage broker go the way of the travel agency; a layer that is squeezed out by the internet and big players.

[biff]

I originally took the loan out with a local savings and loan who, after a few years, sold out to a major. Bingo, no control. Then that outfit a couple of years later was shut down by the FSLIC, the notes were then packaged and sold in auctions.

Your reasoning may sound good but the borrower is at the mercy of some of these scumbags. There is no law that says they cannot sell your mortgage to whom ever and when ever they want. I know because I went thru several lawyers over the course of this deal.

Will never under any circumstances have any debt again.

[Cementjungle]

They charge a ten dollar fee for that

Washington state charges a fee ($5) to pay quarterly business taxes online.

[flushing_kenny]

Uh, oh. Ocwen has generally dealt with suprime and other not-to-stellar mortgage products. That’s how they got so experienced in foreclosures.

EMC (owned wholly by Bear Stearns) is another servicer that specializes in lower-quality mortgages.

Another problem is the current consolidation of servicers, with most of the independent and even medium shops being forced out/bought out. That creates even greater opportunities for problems as loans are moved around disparate computer systems.

[scan59]

Do a search of +Ocwen and +fraud if you want to see why I am nervous about this company.

Might be a good time to refinance with another lender. Someone who tends to hold onto their loans.

[CPT Clay]

bump

[coon2000]

I will not do business in Washington state anymore. My company used to do a good bit of business with a cingular company whose name starts with T... but the taxes, fees and headaches the state government burdened us with made it not worth it. I fully understand why Boeing left Washington now.

[Kevmo]

Thanks for posting this. I wasn’t aware of the mortgage scam.

This is another way for lawyers to make big bucks if they’re smart. They target one of these mortgage servicers with a few homeowners who go into foreclosure and then start documenting the process, nail the company under RICO statutes. Treble damages and plenty of free advertising/media and lots of customers out there.

[Loyal Buckeye]

“Sounds almost like the ex-credit card company of mine that takes 6-10 business days to cash your check. One day late and they hit you with a $35 late fee plus interest.” Then jack your rate up.

That happened to us once and I cancelled the card the same day. We've only had two interest charges ever, and that was one of them.

[Cementjungle]

I will not do business in Washington state anymore. My company used to do a good bit of business with a cingular company whose name starts with T... but the taxes, fees and headaches the state government burdened us with made it not worth it. I fully understand why Boeing left Washington now.

Yea, they pretty much screwed the health industry too. I pay a fortune for private insurance, and there are only 2 carriers left to choose from. I'm told they tried Hillary Care here back in the 90's and that drove all the carriers away. Doctors can't make any money due to all the state regulations and the higher than otherwise malpractice insurance here.