1st Frank and Janet thought it was a uncomplicated error. Their mortgage had been lately sold to a new business with a new servicing company. As with the prior lender, they had sent in their uk-mortgagebroker.co.uk/residential payment by way of a private check amongst the initial and the fifteenth of the month and the payment had been posted with tiny occasion as becoming received as agreed.
About the 20th of month, a rather cryptic get in touch with 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 required to make a payment quickly. OK Frank and Janet reasoned that the payment may have been lost in the mail. Items take place, though it was the first time in two years that a payment was late. Frank and Janet has some credit challenges three years ago and located it necessary to entertain a sub prime loan to purchase the property that they at the moment resided. As a result they have been dealing with a sub prime lender and all that goes with it. Quickly, Frank and Janet named client service and had been in a position to make a verify debit on line for the payment plus a late charge ideal out of their checking account. The late fee of five% amounted to $62.50. Frank told the mortgage-servicing representative that they would put a stop payment on the verify and instructed them to flag the account and not deposit that unique check (with #10224 verify quantity dated on the 2nd of that month) as he was going to put a “Quit Payment” on it. Soon after the call they named their bank and place a “cease payment” on that check. This expense them $25. 5 days later a further 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 since it hadn’t gone via. The conversation went nowhere as there wasn’t a record anyplace.
Frank and Janet looked at each other and collectively rolled their eyes although verbally reviewing what had transpired. Frank asked Janet rhetorically, “Can you think this”?
Next month rolls about and this time Frank and Janet make a specific work to send the mortgage payment in close to the 1st of the month. About the 20th of the month, Frank and Janet received one more call from the mortgage servicing enterprise indicating once more, that the payment had not been received and that there would be another late charge. The discussion became incredibly heated with Frank top the charge. Frank demanded to speak with a supervisor relating to the second time about of the mishandling of the month-to-month mortgage payment. The supervisor was not of much assist claiming the check had not been received. Frank and Janet were determined that they would not place another “Stop Payment” on this check at a price of $25. Not finding any satisfaction, Frank told the customer 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. One more $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 subsequent month Frank and Janet decided to send in the mortgage payment a week ahead of the 1st giving the mortgage servicing enterprise a lot of time to get and post the payment nicely inside the time frame. On the 20th of that month a call was received from the mortgage servicing organization 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 problem with other borrowers?” There was a extended pause of silence from the supervisor followed by, “Uh…no…I never think so.” Janet wasn’t happy with any of the answers and what was going on with this new mortgage servicing company 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 own spirited credit repair campaign.
Quickly, after finding off the phone with the supervisor Janet and Frank went on line and began researching the business for any facts that could possibly shed some light on what was happening. It was located a series of stories and articles about complaints with regards to this servicing enterprise. A ton of new service company had been added without having the employees to handle it. Verify and payments were stacked up and untouched. Problems and complaints mounted. State and Federal agencies have been suing with huge fines to be levied. Frank and Janet decided to send bank checks by certified mail return receipt. This was more affordable than $62.50 a crack and could now prove ready receipts of their payments.