Mortgage Services Misuse

Once you have received a mortgage, you receive a letter from your lender saying that your monthly payments will be higher than you expected. The lender says that your payments include escrow for taxes and insurance even though you arranged to pay those items yourself with the lender's okay. Later, a message from the lender says you are charged late fees. But you know your payments were on time. Or, you may receive a message that you failed to maintain required property insurance and lender buy expensive insurance at your expense. Other expenses, you do not understand - like legal fees - are added to the amount you owe, increasing your monthly payments or the amount you owe at the end of the loan. Lender does not give you an accurate or complete account of these charges. You ask for a payoff statement to refinance with another lender and receive a statement which is false or incomplete. Lender's actions make it almost impossible to determine how much you paid or how much you owe. You can pay more than you owe. Signing Over Your Deed If you have problems paying your mortgage and the lender has threatened to exclude and take your home, you may feel desperate. Another "lender" may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it is a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through. When the lender has title deed to your property, he begins to treat it as his own. He can borrow against it (for his benefit, not yours) or even sell it to another. Because you do not own homes more, you will not get any money when the property is sold. Lender will treat you as a tenant and your mortgage payments as rent. If your "rent" payments are late, you may be evicted from your home.