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Mortgage Servicing Abuses These are abuses that occur after your loan is in effect and the bank starts
to try to overcharge you. They might say your payments include escrow for taxes and insurance even though you arranged to pay those items yourself with the lender's okay.
Maybe a message from the lender says you are being charged late fees, but your payments were on time. Or, you may receive a message saying that you failed to maintain required property insurance and the lender is buying more costly insurance at your expense. Other charges that you don't understand-like legal fees-are added to the amount you owe, increasing your monthly payments or the amount you owe at the end of the loan term.
Often the lender doesn't provide you with the information you need. This is not
legal and should be reported. |
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A lot of the information on this site was taken from the FTC. Some of it copied directly. If you want, call them at 1-877-FTC-HELP |