My mortgage was sold to a scumbag lender
- Thread starter tistan
- Start date
we are at month 7-8 or so right now. We already have enough in our escrow right now to almost pay both property tax and insurance right now if we had too...one is due late dec this year (so a good 5-6 months) and the other not until Feb 1st...OF NEXT YEAR.
Kind of glad to hear about shit like this due to the fact that I'm currently in the market to purchase my first house in the next few years. I've been browsing current rates and only a few unheard of names beat my current local credit union. After seeing shit like this I think I would gladly pay a little more in interest to have ease of mind knowing I won't have to deal with morons like the op is having to deal with.
Block their number and continue to pay your bill on time. Force them to put their request in writing via USPS. Respond formally in writing delivered via certified mail. Get copy of statement from previous lender showing you already made the payment and the status of your principal. Keep copies.
I recommend you do as previously suggested and refi with a credit union.
I recommend you do as previously suggested and refi with a credit union.
Agreed, I've seen some rates a little better than Navy Fed, but I specifically asked if they sell loans but they keep everything in house. So I will use them when I am ready to buy. It's worth saving the headaches.
I think because most credit unions require 20% dwn now before you signing the dotted line. Long ago it wasn't like that. I only had to put dwn 17k versus now would be 31k for my same credit union. Times are a changing.
Depends entirely on your credit score. Mine offered a 3.39 rate with 5% down, with my 730 credit score, but of course that meant PMI until 20% was paid down.
Or you gained 20% in equity
True.
What's the lesser of 2 evils? Have your loaned whored out or pmi at the local credit union which you'll receive a bill every month.
For me it's easily PMI. Especially if you plan on paying enough to pay down that 20% in a couple of years at most.
You got my vote too.
I had a similar issue like that as well. At one point, they told me that it was my responsibility to pay regardless of whether they send me a bill or not, and refused to wave any late fees. They neglected to send me bills on several occasions and kept racking up the late fees. It appeared as if this was their way of scamming people out of money. Luckily. this credit card company only had me for 300 dollars at the time, but they tried to nail me with $700 worth of late fees. I told them to get ****ed, and never paid them a dime beyond the original $200. They sent it to collections, to whom I told "Guess you just got screwed, because you're not getting my money either". I Literally waited out the 7 years and didn't pay them a dime. It's been off my credit now for a couple years.
Anyway, that doesn't really help you, other than knowing that they will ultimately screw you in the end unless you send them a nasty-gram from an attorney. They will eventually tell you what they told me; that you are responsible regardless of whether you get a bill or not. They don't care if they messed up.
Anyway, that doesn't really help you, other than knowing that they will ultimately screw you in the end unless you send them a nasty-gram from an attorney. They will eventually tell you what they told me; that you are responsible regardless of whether you get a bill or not. They don't care if they messed up.
I think there a lot of hypocrites responding on this thread acting like they have never paid a bill late. In many states you have by law 15 days to pay your mortgage without penalty. So why would you expect to get harassed every day within that period? What I'd also wonder is if they can legally change the original terms of your contract in any way. I know these companies act as if it's ok, but not sure it would actually hold up in court.
With a 730 credit score more like 0.8% or less for the value of the house.
I'm waiting for America's foreign lenders to send a letter to the homey at 1600 Pennsylvania Ave. stating this. Instead we are all forcibly dragged through the mud so he can make it rain with $9T of our dollars while simultaneously earning us first time ever national credit downgrades.
Truth.
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