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You know the shell game? PLEASE HELP!


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Closed mortgage in February. YEAH! In our closing papers it said that the loan was being sold immediately to another mortgage company. We were told to pay our first, (due May 1) and subsequent payments to the second company. We were even provided with two coupons for the second company. We paid these first two payments well in advance of the due dates, but when we had not received any statements or coupons by the time the third payment was due, we called the second company. They claimed they had never heard of us (although, by then both checks had been cashed.) We went ahead and made the third payment, against our better judgement, and that check was also cashed.

Now, when the next payment was due, we were not real happy. Wrote a nasty letter saying that since our checks were being cashed, but they were claiming they never heard of us, they'd better tell us where our money was going.

Next thing we know, we receive a letter from yet another company telling us that the very first company had just sold our loan to them and that we should start, immediately, paying them. We've now paid them three payments--in fact we paid the payment that is due Oct 1, already, but we keep getting late notices and now this bogus paper about us not having insurance. (We paid an entire year's insurance at closing, and have the policy to prove it.)

I have a feeling, because we were financed following bankruptcy, that we've been scammed to a ridiculous level, because this latest company will NOT tell us if they received our earlier payments from the second company. Nothing is on our credit report, except the last two payments to this latest company. Where to turn? Who can help? I just hate to think that we sent several thousand dollars in payments and they count for nothing. Do I just need to get a lawyer? Any advice appreciated.

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It's going to require some leg work on your part but you are going to have to put the companies in contact with each other, or contact them all yourself and sniff out each lenders story.

 

The lender who funded your loan would be the first phone call I'd make (let's call them mortgage company #1). I'd ask them why they said to make payments to the first mortgage lender it was sold to (let's call that mortgage company #2), once they give you the explanation on the phone, compare it to the information that mortgage company #2 has told/given you. If it doesn't jive, then ask mortgage company #1 to put the information they gave you on the phone, in writing. Tell them they need to fax it to you ("my mailbox has been stolen", etc., whatever is needed to get them to fax it to you). If you ask them to mail it, it could be weeks before something gets to you... you need that information now. If the customer service rep can't help you, demand to talk to the supervisor, and don't stop asking for their "superior" until you get an answer. Do not accept anything less.

 

That's the first step. So once you have found what mortgage lender #1's official story is, then you can contact the next lender (be it mortgage lender #2 or the brand new mortgage lender that wants your payments, let's call them mortgage lender #3), and get their story in the same exact way (first verbally, then ask for their verbal explanation to be put into writing and faxed to you). As soon as the 2nd or 3rd mortgage lender's story doesn't coincide with the previous lenders story, call them on it... ask "Why did the 1st mortgage lender say they never sold you the loan but you are saying you purchased the servicing rights?", or whatever you need to say. If they say they are in the right and the previous mortgage lender gave you misinformation, then ask the new mortgage lender to put it into writing when the servicing rights were sold to them. Having a sense of urgency in your voice, being blunt & straight to the point with your questions are all equally important.

Edited by liverichly
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I have nothing substantive to add, but I just wanted to say I am sorry you are going through this. I think it is ridiculous that people have to deal with these issues. These lenders have you by the balls and they know it. They know the likelihood of a lawsuit is small and that most people will suck it up and take the credit hits and late fees.

 

Good luck.

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