Mortgage Service

[Hoober]

Ok, so I haven't been billed for a mortgage payment in almost three months now. I've tracked down the mortgage, after three sales, to Washington mutual. The loan was purchased by Freddie Mac back in October when it was originated and sent to two different servicers. I called Freddie and found out who is supposed to have the loan now, unfortunately, that company has no record of me or the mortgage.

I'm on hold with Freddie Mac now to see if they can put some pressure on the servicing company to get their asses in gear. I'd rather not have to deal with a bad credit report because somebody screwed up. Any ideas on the best way to proceed?

 

[HappyPuppy]

Put the amount of your monthly mortgage payment aside. When you eventually get the bill, including all the back payments, pay it in full immediately. If they have assessed you any late fees call them immediately to explain it is their fault you couldn't make the payments. If they ding your credit make an attempt to get them to reverse it. If they fail to do so, sue them.

 

[Vic]

Whoa, this is serious.
First, you should have received a disclosure, both in your initial (application) disclosures and at loan documents entitled "SERVICING DISCLOSURE STATEMENT" and/or "LOAN SERVICING DISCLOSURE STATEMENT." These explain your rights in the likely event your loan is sold and also just what that likelihood is.
Second, at loan documents you should have signed and received a form called "NOTICE OF ASSIGNMENT, SALE, OR TRANSFER OF SERVICING RIGHTS." This form states who originated your loan and their contact address and phone number, and who they intended on selling your loan to and their contact address and phone number, including the days and hours when their customer service office is open.
Third, at loan documents you should have received a form usually titled "PAYMENT LETTER." This form explains your monthly payment, breaks in down into principal and interest, taxes, and various insurances, tells you when you first payment is due and, most importantly, includes two "Temporary Payment Coupons" at the bottom of the form that can be cut off and mailed in with your payment. The temporary payment coupons always include your loan number, your name, the amount of the payment, the due dates, and an address where you mail the coupon to which has to be accepted.

I'm assuming that if your refinance originated in October that your first payment was due on 12/1. You need to make this and your 1/1 payment ASAP. Please let me know how this goes.

edit: have you called the broker or lender/bank who originated your loan? The loan officer? I'm sure that they would be concerned about this.

 

[Hoober]

Originally posted by: Vic
Whoa, this is serious.
First, you should have received a disclosure, both in your initial (application) disclosures and at loan documents entitled "SERVICING DISCLOSURE STATEMENT" and/or "LOAN SERVICING DISCLOSURE STATEMENT." These explain your rights in the likely event your loan is sold and also just what that likelihood is.
Second, at loan documents you should have signed and received a form called "NOTICE OF ASSIGNMENT, SALE, OR TRANSFER OF SERVICING RIGHTS." This form states who originated your loan and their contact address and phone number, and who they intended on selling your loan to and their contact address and phone number, including the days and hours when their customer service office is open.
Third, at loan documents you should have received a form usually titled "PAYMENT LETTER." This form explains your monthly payment, breaks in down into principal and interest, taxes, and various insurances, tells you when you first payment is due and, most importantly, includes two "Temporary Payment Coupons" at the bottom of the form that can be cut off and mailed in with your payment. The temporary payment coupons always include your loan number, your name, the amount of the payment, the due dates, and an address where you mail the coupon to which has to be accepted.

I'm assuming that if your refinance originated in October that your first payment was due on 12/1. You need to make this and your 1/1 payment ASAP. Please let me know how this goes.

edit: have you called the broker or lender/bank who originated your loan? The loan officer? I'm sure that they would be concerned about this.

Vic, thanks for your reply. I will take a look at the paperwork when I get home. I do recall the those papers that you are talking about, so I know they're there. The first payment was due 11/1, which I paid. It was about this time that I received my one, and only, "good-bye" letter. I never received a "welcome" letter from the new broker. I've been trying to track this down since the middle of November, when I did not receive a payment coupon or the welcome letter.

I contacted the originators of the loan and they have been/were less than helpful. She gave me the name and number of the contact in the company to which the loan was sold. I contacted that woman, after four or five attempts, and she told me that she was "looking" into it. She called me back about a week later, now mid-December, and said that she had received instructions from Freddie Mac to transfer the loan to yet a new servicing company. She gave me the contact information at the new business and said that she was mailing out the "packet" before Christmas. I still have not heard anything. I was instructed by individuals at Washington Mutual to wait "a few weeks" so that it "might" be entered into their databases. Since it has not been done so, I have begun searching again.

I spoke with an individual at Fannie May. She is going to contact the current servicer of the loan and find out the status. She was going to call me back on Monday because it is so late on the East Coast.

 

[Hoober]

Originally posted by: HappyPuppy
Put the amount of your monthly mortgage payment aside. When you eventually get the bill, including all the back payments, pay it in full immediately. If they have assessed you any late fees call them immediately to explain it is their fault you couldn't make the payments. If they ding your credit make an attempt to get them to reverse it. If they fail to do so, sue them.

I've been saving the money, so that's not an issue. The problem is I don't know where to pay it.

 

[Vic]

Good, you made your first payment. From your first post I was unsure and assumed that you hadn't. You should be okay, as you are not supposed to be considered late for 60 days after a servicing transfer, especially in this case where you did not receive the "welcome letter." This is a pretty rare screw-up you're going through. Just hold onto the money for the payments (like you're doing), and keep working on it.

 

[bunker]

Originally posted by: Vic
Good, you made your first payment. From your first post I was unsure and assumed that you hadn't. You should be okay, as you are not supposed to be considered late for 60 days after a servicing transfer, especially in this case where you did not receive the "welcome letter." This is a pretty rare screw-up you're going through. Just hold onto the money for the payments (like you're doing), and keep working on it.

I just refinanced in November and basically have the same thing. I have made my first payment (1/1/03) and was told by the original lender to sit tight until I hear something from the new servicer. The person at the original lender explained they had a boat load of refinances toward the end of the year so it's taking the servicers longer to process everything.

 

[Hoober]

I just got off the phon with the original broker. They're going to look into what's going on. I spoke with one of the VP's at the corporate headquarters and was instructed to send December and January payments to her attention. She's going to look into what's happening and give mea call with directions to send the February payment. Hopefully things will get worked out now. It sure is easier when you just put your foot down and have the original servicer figure out what's going on. Load off my mind that's been plaguing me for two months now.

Thanks for your responses.