By Denise Richardson
Every month, my bank sends me a checking account statement.
Every month, I receive statements in the mail from my cell phone provider, utilities and even credit card companies.
Why, then, is it so darned difficult to get a monthly statement from mortgage servicing companies –those who we send our mortgage payments to for years –if not decades? They say it’s “too costly” to keep us informed –I say it’s too costly not to.
I have been pushing for years to try to enact legislation that would require mortgage servicing companies to provide monthly statements to their customers. How can we, the consumers, hope to deter fraud or errors from seeping into our loan accounting, if we can’t verify that our payments are being credited accurately, on time –or at all?
Truth is it was >my error riddled, mismanaged mortgage that originally turned me into a consumer advocate. Looking back on it, the only thing I did wrong was to believe in my lender. I trusted my mortgage company to properly apply my monthly payments. Silly me!http://weblogs.sun-sentinel.com/news/opinion/theslant/blog/2009/05/how_a_monthly_statement_could.html