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Mortgage Company Messed Up Our Credit

Mortgage Library: Ask a Mortgage Related Question: Answers: Mortgage Company Messed Up Our Credit

Question:

What can we do to better our credit and higher our bekon score? Our mortgage company which I won't name pulled a big one on us. We have never been late on any of our mortgage payments but we received a statement in the mail saying that our October payment was an NSF payment and that there was an NSF fee. My husband immediately called the mortgage company and asked how it could be NSF? Whom ever he spoke with wasn't even aware of what was going on because according to their computer data we were fine. My husband asked to speak to someone else and they told us that we were going to go into foreclosure if we didn't make our October payment. We later found out that the October payment was actually our May payment that they processed in October. We later found out that the reason it took so long was because when they tried to process the check back in May the account on the check was processing in their computers as a credit card which it is not. In the mean time from May to October all of our statement from the mortgage company never indicated this. It just told us that they received each payment and when our next payment was due and the amount. What they did was take our June payment and apply it to our May payment and so forth. Until they finally decided to deposit the check that we wrote for May's payment it was NSF because our account was $5.00 short in that account. If they would have cashed the check back in May we would never have had to go through this. And why didn't they contact us to let us know what was going on? We were not even aware of this problem until that statement about the NSF check in October. In the mean time we have a bad taste in our mouths from this mortgage company. No one seems to have answers for us or knows what's really going on. We keep getting the run around. We can't even refinance because of all of this the mortgage company said that we were 30 days late on our October payment which is not true. It lowered our bekon score so no mortgage company will deal with us. My husband can't even buy a new/used truck because our credit is lowered because of this whole mess. What is our rights. We have proof when we paid all of our payments. And if we can get this resolved, how long will it take.

K. T.
Hastings
Minnesota

Answer:

Don't refinance until your problem is resolved.  Call the attorney general for the state of Minnesota and write certified letters to the servicer of your mortgage.  Document your conversations with the mortgage company and think seriously about hiring an attorney.  A strongly worded letter from legal counsel and the possibility (not threat) of a lawsuit usually clears up the problem.  ACORN is a consumer advocate org. for consumers vs. mortgage companies.

You can always file a lawsuit at the county if no action is taken.

Dispute the credit reporting errors to all three major credit bureaus and keep copies of the correspondence and any paperwork you have for at least 10 years.

Please do not construe this as legal advice.  It is simply my experience of what works with mortgage companies.

Clint Bengtson
Branch Manager
Premier Mortgage Funding, Inc.
763-540-0222 x11


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