Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Concerned
I received a call from Chase a few months ago saying I was two payments behind (even though I have paid them every month). After saying I could prove my payments (W.U. Quick Collect) and pulled the spreadsheet from the computer and read the control numbers over the phone, they decided I was only one payment behind and that my credit report was showing 30 days late for a year. (This past due payment apparently went on for a while.) After talking about a payment arrangement, they told me that I only needed to pay half of the one payment because they could take the other half from my "miscellaneous" account which had $800 in it! How could I have a miscellaneous account when, on each QuickCollect payment, I tell them how much to apply to what - princ, int and escrow - every single month?

(Note: This past due payment apparently came about from a misunderstanding with them after paying three months worth of payments when I finally got a good job a year ago. I thought the figure I paid them included the current payment at the time - and I could have sworn they told me it did. Apparently, it  did not.)

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Fairbanks did that to me nearly every single month for over 2 years.

Most of us expect to be dealt with fairly and honestly.

Well, think again.  You are now handling something akin to a sack of rattlesnakes looking to bite you in the wallet.

Late fees and ruin your credit reports over something they have concocted.

What you have to do these days is stand with your foot squarely on their neck and don't let up for a second.

This is misapplication of your funds.  getting your payment record together
is good and you can stop talking and start writing your complaints about the way they handle your payments being incorrect and an error made by them
and not you attaching the proof.  Demand the payments be attributed
correctly.

Don't forget to notify the credit bureaus that they have made a mistake
and  you are contesting the charges against you.

To avoid this behavior in the future, mail your payment a few days before
it is due.  Then either check their web site if they have one for did they
post the payment?  Did they attribute it correctly?  If no web site, you'll
have to call them.

If okay, great.

If not okay, show them the mistake they made clearly and demand that
the money be reversed to additional principal or whatever you want.

Select a "mortgage calculator" that you like from the internet and plug in
your particulars from your mortgage.  Press enter and up pops the information about payments.  How much you've paid to date and how much
you owe to date.  That would be from the inception of the loan to the end of it.

It is quite a powerful tool.  It will tell you what is wrong with their computation for each month.  I printed one out that left some room for me to write in at the far right. 

You'll know to the dollar what has to be changed.

How does this happen?  It is a set up with the programming of the platform
they use.  The computer does all the thinking for you.  Nothing they can do?
BS.  It is central to the issue of mortgage servicing fraud.  They claim
the technology does not exist to handle payments accurately.

If that is true and we know it is not since you can get the mortgage calculator on line for free.  Maybe they shouldn't be in the business
of handling our money.  Maybe they should just be out of business.
Afterall, what's the motive?  Fee Assessments.

They collect and keep any assessments.  They are not passed onto
the noteholder.  If $35.00 is the average late fee and $5.00 is the
average payment they receive for processing your checks?

The entire profit center is the fee assessment business.

Dee




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Concerned
Dee:

Do you happen to have a link to one of those mortgage calculators? The only ones I know are the ones where you plug in your downpayment and term length and up pops the monthly payment amount.

By the way, do you have any tips on restoring my credit rating? Should I send my spreadsheet with the payments for the past year to the credit bureaus?
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Concerned
Oh Yes:

How is it possible that I have half a payment sitting in a miscellaneous account - UNAPPLIED! - when I am supposed to be a payment behind? My common sense tells me that they should have automatically taken that amount and applied it to the payment.

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Joe B
Concerned-

     Please do me a favor...

     I have a hunch that the mistake may begin from your issue a year ago. So, please do this:

     Take your late fee ($35.00/$45.00, whatever) and multiply it by the number of months they allege you have been 30 days late (12, right?). Next, add that to the $800.00 they say you have in the "suspense" account. Does this number equal (or closely equal) your monthly mortgage payment? I suspect is is the same, or extremely close.

     If I am right, they didn't properly post one payment from a year ago, and therefore, every month since that re-payment, you are "technically" late. Add a late fee per month for a year, (I notice you said you didn't owe them any late fees, so this money came from somewhere), and whammo, you have your number.

     Let me know if I am right, and the folks here on the board can give you some thoughts on how to proceed! Good luck!!

JB
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Concerned
OMG! You are absolutely right!
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Joe B
Concerned-

     OK, not really a big surprise. Based on this and your other post, you have a number of things to do, and this board is going to have lots of questions. However, let's wait until you have all your paperwork, because once we get started, the folks on this board are going to rapid fire some questions that will help us piece the puzzle together. We can go much more quickly when you have all the paperwork together.

     Please also, if possible, have your payment record together. You probably don't have the mortgage servicer's records (you will want this at some point soon, but we will get to that), but at least have your records together from bank records, or however you can. Also, if you have any statements from the servicer, it would help as well. Incidentally, if this thing turns ugly for you, you will need to have this all with you anyway, so think of it as advanced preparation!

     Shout back once you have all (or most) of this together, and we can begin  breaking this thing down with you, and give you some decent thoughts and advice.

    
JB


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Here's a link to the one I used but there are many others to choose from.

You should be able to load it into excel program.

It is called a mortgage calculator or amortization schedule if you want to
look around some more.

Credit repair?

Sorry, I have no experience doing that.  If I were to want to do that
I'd start reading different sites but being careful not to get trapped into
fees from those that say they can repair credit.  It is my understanding
that they don't do anything that you can't do for yourself.

Maybe someone else can help with that part.

Dee
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Ed Cage
Joe B. wrote:
"Please do me a favor...I have a hunch that the mistake may
begin from your issue a year ago. So, please do this:

     Take your late fee ($35.00/$45.00, whatever) and multiply it
by the number of months they allege you have been 30 days late
(12, right?). Next, add that to the $800.00 they say you have in
the "suspense" account. Does this number equal (or closely equal)
your monthly mortgage payment? I suspect is is the same, or
extremely close.

     If I am right, they didn't properly post one payment from a

year ago, and therefore, every month since that re-payment, you
are "technically" late. Add a late fee per month for a year, (I notice
you said you didn't owe them any late fees, so this money came
from somewhere), and whammo, you have your number."

 

Kudos to JB!!
Really nice work Joe.. I didn't think of that but it makes perfect
sense and it opens up yet another of literally hundreds of illicit
scams used by the mortgage fraud criminals.

Maybe I'm being a bit optimistic but my feeling is that we are
really becoming more and more able to disarm and expose
these mortgage servicing fraud tactics.. Thereby giving serious
help to those of us who have been illegally exploited. Naturally
all of the inappropriate late charges need to be reversed out.

And here's where your amortization calculator program will 
come in handy Ms. Concerned: 
It's not enough for Chase to simply give you back that initially
incorrectly posted payment.

                 ******************************************
                 The full amount of the payment must
                     be applied on the exact *DATE*
                 the misapplication originally occurred!
                 *******************************************

Mr Ed knows this all too well as that is one of many things that
     happened to me.. Again a quick & brilliant analysis Joe!

          Ed Cage  / ecagetx@tx.rr.com  /  972-596-4363




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