🚀 go-pugleaf

What does the real estate agent have to do with this?

>If I get forclosed on I will sue X,Y and Z, probably the Mortgage Broker
>and the real estate agent. But what the heck can I do now to get this
>straightened out?
>
>Anyone able to help?
>
>Mark
>

On Tue, 06 Jul 1999 22:22:18 -0700, Mark Haythornthwaite
<nospam@sfbay.net> wrote:
[snip]
>I got a loan through a broker from Lender X. In May I was told that my
>loan was sold, and I would now be dealing with Company Y. So for my June
>1st payment I called Company Y and found out that although the loan was
>not set up yet, I could send in my payment with my Social Security
>number on it,...
[etc.]
>Two weeks later I got another letter from lender X, saying that
>effective June 1st (letter dated June 16th) my loan was being
>transferred to Company Z....
[etc] [snip]
>If I get forclosed on I will sue X,Y and Z, probably the Mortgage Broker
>and the real estate agent. But what the heck can I do now to get this
>straightened out?

First, pour yourself a glass of a nice red wine, sit down in your most
comfortable chair, and relax.  You have done nothing wrong.  Be sure
you've written down all the dates of conversations and correspondence
pertaining to this mess.  Then, call lender Z again and confirm that
you should NOT send your payment yet (because you haven't received
notification of the account number).  If you DO send your payment
before they have their system set up, what happened to us could happen
to you.

Well, actually, it didn't happen to us.  It happened to somebody who
was trying to make a payment on his mortgage, which had just been
bought by the company that already held OUR mortgage.  Except his new
account number wasn't available yet, so the mortgage company deposited
his payment to OUR account (which was the best the numerically
challenged clerk could do, I guess).  Apparently, the poor guy was
notified of non-payment so he sent *another* check, which of course
was also deposited to our account.  In total, 4 of his payments were
put in our account.  We found out about this 4 months later when we
were trying to figure out what had happened to the $400 balance in our
escrow account.  We had asked for the payoff amount on our mortgage so
we could sell our house, and the escrow account was empty.  It seems
the mortgage company had tried to straighten things out by shuffling
money back and forth without telling either party.  The other guy was
still around $400 short when we closed on our house sale--so the
company took it out of the balance on our escrow account.
C. Brunner

document....document....document!

Everything you just said, keep a log of all communications and letters.
Keep in a file and don't worry about it until someone asks for it.

I've worked for a mortgage company and know that often times loans have
been sold before it even closes so this sort of thing happens quite
often.

But, document...document...document!

Mark Haythornthwaite wrote:
> 
> As I am not interested in being sued for anything, I have changed the
> names to protect the stupid.
> 
> I got a loan through a broker from Lender X. In May I was told that my
> loan was sold, and I would now be dealing with Company Y. So for my June
> 1st payment I called Company Y and found out that although the loan was
> not set up yet, I could send in my payment with my Social Security
> number on it, and once the loan was officially in their system the
> payment would be credited to my account.
> 
> Two weeks later I got another letter from lender X, saying that
> effective June 1st (letter dated June 16th) my loan was being
> transferred to Company Z. I immediately called the lender and said "Hey,
> my last payment went to Company Y". They said not to worry, Company Y
> will send the payments received either back to them or to Company Z, the
> correct loan servicer. It had been a big screwup that was not their
> fault, but of the investment firm that bought the note. Company Z said
> the same thing, and when I asked about my July 1st payment, I was told
> "Don't send it in, wait until we notify you with the loan account number
> and remittance address."
> 
> Today I received a check from Company Y refunding me for my June 1st
> payment. According to the Real Estate Settlement Proceedures Act (12
> U.S.C. 2605) I am not late on a payment if I send a payment to the old
> servicer. Yeah, great. But I sent it to the "new" one, who was actually
> the "wrong" one. Am I screwed?
> 
> If I get forclosed on I will sue X,Y and Z, probably the Mortgage Broker
> and the real estate agent. But what the heck can I do now to get this
> straightened out?
> 
> Anyone able to help?
> 
> Mark

I am curious as to how you knew that the loan had gone from
x to y?  If by letter, you should have no problem, if by
phone call, then I don't know.  

I'm one for pre emptive strikes, if you get a late notice or
any kind of delinquency note, I would go to small claims
court and get the papers to file, you don't have to file,
just get the papers and go to company x and discuss the
situation with them, if they can't help you, ask them about
what address and title holder these summons will have to go
to.  Don't threaten, do get loud, just matter of factly
ask.  You could do it at all three till you get an answer
and your problem straightened out, more than likely in your
favor.  

Mark Haythornthwaite wrote:
> 
> As I am not interested in being sued for anything, I have changed the
> names to protect the stupid.
> 
> I got a loan through a broker from Lender X. In May I was told that my
> loan was sold, and I would now be dealing with Company Y. So for my June
> 1st payment I called Company Y and found out that although the loan was
> not set up yet, I could send in my payment with my Social Security
> number on it, and once the loan was officially in their system the
> payment would be credited to my account.
> 
> Two weeks later I got another letter from lender X, saying that
> effective June 1st (letter dated June 16th) my loan was being
> transferred to Company Z. I immediately called the lender and said "Hey,
> my last payment went to Company Y". They said not to worry, Company Y
> will send the payments received either back to them or to Company Z, the
> correct loan servicer. It had been a big screwup that was not their
> fault, but of the investment firm that bought the note. Company Z said
> the same thing, and when I asked about my July 1st payment, I was told
> "Don't send it in, wait until we notify you with the loan account number
> and remittance address."
> 
> Today I received a check from Company Y refunding me for my June 1st
> payment. According to the Real Estate Settlement Proceedures Act (12
> U.S.C. 2605) I am not late on a payment if I send a payment to the old
> servicer. Yeah, great. But I sent it to the "new" one, who was actually
> the "wrong" one. Am I screwed?
> 
> If I get forclosed on I will sue X,Y and Z, probably the Mortgage Broker
> and the real estate agent. But what the heck can I do now to get this
> straightened out?
> 
> Anyone able to help?
> 
> Mark

Actually, something like this happened to us when we bought our house
several years ago.  Things got straightened out, except for one thing:
some time later we reviewed our credit report and noticed that it indicated
(incorrectly) that we had been >30 days late on a mortgage payment.  We
wrote to the lender and supplied the necessary information, and they
supplied a correction to the credit bureau.  So you have to watch for this
kind of thing.





-- 
---------------------------------------------------------
Steve Hagen
Laboratory of Chemical Physics, NIDDK
National Institutes of Health		tel 301-496-0202

unidextr@mindspring.com wrote:
> 
> On 8 Jul 1999 13:00:15 GMT, sjh@helix.nih.gov (stephen j. hagen) wrote:
> 
> >Actually, something like this happened to us when we bought our house
> >several years ago.  Things got straightened out, except for one thing:
> >some time later we reviewed our credit report and noticed that it indicated
> >(incorrectly) that we had been >30 days late on a mortgage payment.  We
> >wrote to the lender and supplied the necessary information, and they
> >supplied a correction to the credit bureau.  So you have to watch for this
> >kind of thing.
> >
> 
> Every time I have bought a house and a mortgage was involved the initial
> payment was always collected at the time of the closing/settlement and
> title transfer and the responsibility for getting it to the proper party
> was out of our hands -

If you go thru a mortgage company they "immediately" transfer it
to someone else. But this still takes a month or two to complete.

Since by law the old mortgage company must accept payments for 60 days
after the transfer (NOT notice), I'd wait for the new company to send
me a real bill or coupon book. Send your payments to the old company
with your loan number on the check etc. I'd trust them to forward it
to the new company more than I'd trust the new company to figure out
what to do with a paymen that may not have an account complete
activated.

Also, make sure the new account is set up properly. Last time
my escrow account got lost. They fixed it but still took awhile.

/dan