1st Frank and Janet thought it was a basic error. Their mortgage had been lately sold to a new business with a new servicing organization. As with the prior lender, they had sent in their mortgage payment by way of a private check in between the initial and the fifteenth of the month and the payment had been posted with small event as becoming received as agreed.

Around 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 necessary to make a payment straight away. OK Frank and Janet reasoned that the payment could have been lost in the mail. cash out loans happen, even though it was the very first time in two years that a payment was late. Frank and Janet has some credit challenges three years ago and discovered it required to entertain a sub prime loan to obtain the home that they at present resided. As a result they were dealing with a sub prime lender and all that goes with it. Quickly, Frank and Janet referred to as client service and were in a position to make a verify debit on line for the payment plus a late fee correct out of their checking account. The late charge of 5% 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 check number dated on the 2nd of that month) as he was going to place a “Stop Payment” on it. After the get in touch with they known as their bank and place a “quit payment” on that verify. This price them $25. Five days later a different get in touch with came in from the mortgage servicing business stated that they had deposited the mailed verify and it came back resulting in a $50 charge for the transaction considering that it hadn’t gone through. The conversation went nowhere as there wasn’t a record anyplace.

Frank and Janet looked at every other and collectively rolled their eyes whilst verbally reviewing what had transpired. Frank asked Janet rhetorically, “Can you think this”?
Subsequent month rolls about 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 a different call from the mortgage servicing firm indicating again, that the payment had not been received and that there would be one more late charge. The discussion became extremely heated with Frank leading the charge. Frank demanded to speak with a supervisor relating to the second time around of the mishandling of the monthly mortgage payment. The supervisor was not of a lot assist claiming the verify had not been received. Frank and Janet have been determined that they would not put a further “Stop Payment” on this verify at a price of $25. Not getting any satisfaction, Frank told the consumer service supervisor that he would contact back in seven days to see if the verify had been received and posted. Seven days later, Frank named and the verify had been received and posted but there would be a late charge that would apply. A different $62.50 late charge would apply. Frank and Janet had been frosted beyond belief but at the exact same 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 organization plenty of time to acquire and post the payment well within the time frame. On the 20th of that month a get in touch with was received from the mortgage servicing company stating when once again the payment had not been received. Frank and Janet had 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 further, “Has this been a recurring dilemma with other borrowers?” There was a long pause of silence from the supervisor followed by, “Uh…no…I don’t feel 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 personal spirited credit repair campaign.

Instantly, right after finding off the phone with the supervisor Janet and Frank went on line and began researching the firm for any information and facts that could possibly shed some light on what was happening. It was found a series of stories and articles about complaints regarding this servicing organization. A ton of new service organization had been added without having the staff to manage it. Verify and payments had been stacked up and untouched. Difficulties and complaints mounted. State and Federal agencies had been suing with huge fines to be levied. Frank and Janet decided to send bank checks by certified mail return receipt. This was less costly than $62.50 a crack and could now prove ready receipts of their payments.