Sylvia Taylor wrote:
Quote: “Back in the early nineties I got a home equity loan
from EMC for $70,000. So far i have paid $120,000 and have
$56,000 left to pay, these people are first class crooks”
Dear Sylvia Taylor:
I'm a numbers person and although myself and all the other savvy insiders know there is a great deal of abuse currently in mortgage servicing, at first glance yours does not appear to be out of line.
Generally speaking mortgage loans go by the Rule of 78 which means that the lion's share of your interest is loaded up in the first part of your loan while the last few payments will be applied almost entirely to principal.
Unless your loan has a term of less than 20 years, it appears to be okay. Plus you have been receiving substantial tax write offs each year for mortgage interest which significantly lowers your income tax burden. These write-offs will continue to be less and less as your application to principal increases in the later part of the loan.
IMPORTANT: If you still suspect you have been cheated, the place that most mortgage servicing fraud takes place is in your "suspense, corporate advances and escrow accounts." Ask for an itemized full accounting of these areas. You may have to ask several times. (Servicers don't want you to audit or review these 3 areas.) But when you do eventually get them I strongly suggest you go over these 3 areas with a fine tooth comb.