What is a corporate advance fee from mortgage company after

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Icon Mini Profile americantrainer





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Post Posted: Mon Apr 07, 2008 2:20 pm    Post subject: What is a corporate advance fee from mortgage company after
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I recieved a call from citifinancial saying I owe $84 for a corporate advance fee that is delinquent. I have never heard of this. Niether has my bankruptcy attorney. I closed our chapter13 on January 25 2008. Any Ideas what this is ? They said they would send a letter of explaination. I asked them to fax me, they said they would for a $15 fee.
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Post Posted: Mon Apr 07, 2008 11:43 pm    Post subject:
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Hello Roxanne,

Welcome to the forum.

I have not heard anything like corporate advance fee. You should better contact with the citifinancial and ask them why they have charged such a fee.
Icon Mini Profile michelle
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Post Posted: Wed Apr 09, 2008 8:42 am    Post subject:
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Welcome to the forum americantrainer,

A corporate advance fee is generally charged by the lender anytime there is any type of special repayment plan arranged with the borrower; ie, forebearance or it sounds like Bankruptcy in your case. The fee is charged by the lender to cover the extra processing it takes to apply the payments correctly to your account.

Please let me know if you have any additional questions.

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Post Posted: Tue Feb 03, 2009 10:05 am    Post subject:
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The lender is charging me a corporate advance fee and I have NEVER been late. I pay my mortgage on time and never. Why are they charging me that?
Meredith

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Post Posted: Wed Jul 06, 2011 5:36 pm    Post subject: CAF
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Can they charge you these Fees after you have been discharged from Bankruptcy? I am being charge over $1000 in these fees and they are telling me they are from 2004-2006
Icon Mini Profile smithsussane
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Post Posted: Wed Jul 06, 2011 11:04 pm    Post subject:
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Hi Meredith!

Welcome to forums!

Your debts get discharged in full if you file bankruptcy. I don't think anyone can charge you late fees. However, you can speak to your bankruptcy attorney in this regard.

Feel free to ask if you've further queries.

Sussane
D Foy

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Post Posted: Fri Jun 29, 2012 6:44 pm    Post subject: Corporate advance balance
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A corporate advance balance of $32.87 is showing on my mortgage statement from green tree servicing this month. I called to ask what this fee is. The person I spoke to said it was for "processing" from my previous mortgage company. I got no solid explanation of what that means. I have never been late with a mortgage payment. My loan was sold to green tree when they bought out my original mortgage company in 2008. This is the first time I have ever seen this fee on my statement. I am a 100 percent disabled veteran and do not pay any property taxes in my state. I have also always maintained home owners insurance on my property. Are they legally obligated to provide a detailed written explanation of what this advance was for?
Icon Mini Profile adonis
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Post Posted: Fri Jun 29, 2012 10:19 pm    Post subject:
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Hi D Foy,

Unless the lender provides you with any solid explanation regarding this advance fee, I don't think you should pay it.

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Icon Mini Profile jveenstra
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Post Posted: Mon Jul 02, 2012 2:20 pm    Post subject: Corporate Advance Fees
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Corporate Advance Fees are fees paid for by the Servicing Lender from their own funds. Then they charge the Borrower to get their money back.
These fees are for various items--foreclosure expenses, attorney fees, force placed insurance fees, modification process fees, property taxes and home insurance premiums, etc.

Only the Servicing Lender can tell you specifically what they were charged for.

You should always ask because they could be proper or improper charges.

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Post Posted: Sun Jul 22, 2012 11:38 am    Post subject: Corp Adv Fees
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Green Tree should be able to identify your fees to the penny. They have internal codes that tells them what the fee paid. It might be interest, principal, taxes, late fees, other. But as noted above don't pay it unless you verify the validity. GT pinheads told my insurer that they were paying my insurance. I only discovered it with my renewal notice. Thankfully, it happened in the same month.

For the vet, it is possible that a pymt to the previous lender was late through no fault of your own. I made what I thought was a timely payment but thanks to a comedy of errors the check did not actually post until well after the grace period. If the prior bank did not collect late fees, GT may have paid them when they bought the loan.
Coin

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Post Posted: Tue Sep 18, 2012 5:15 pm    Post subject: Corporate advance fees
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BOA Modified loan was transfered to Nationstar stating all loan terms would stay intacked: all of a sudden almost 50k in a non interest bearing principal forebearance amount is appearing as a corporate advance amount on Nationstars way of keeping records...is this legal?
There were NO corporate advances or expenses just a deferred principal amount. Question
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Post Posted: Wed Sep 19, 2012 12:00 am    Post subject:
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I don't think it will be considered as legal!!
Justice

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Post Posted: Thu Dec 06, 2012 4:43 pm    Post subject: Corporate advance fee
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BOA sent a letter to me informing me that they would no longer be the sevicer of my loan on the 15th of August it would be Residential Credit Solutions. My payment have been on time but they say I owe a Corporate Advance fee and if I send any extra money they will apply it to this fee instead of to the principle or escrow. I keep telling them I don't owe this fee and have already disputed it which is what they told me to do. Yet everytime I send any extra money they use it to pay down this fee that I don't owe.
The Department of Veterans affairs says they are trying to get it straightened out but nothing has come of it. What should I do. I was told not to pay any extra principal until they get this straightened out.
Icon Mini Profile adonis
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Post Posted: Thu Dec 06, 2012 11:25 pm    Post subject:
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Hi Justice,

You should follow the advice that has been given to you - to not pay any extra principal until they get this straightened out. Moreover, you can take help of an attorney in this regard and try to sort out the matter.

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Post Posted: Tue Feb 26, 2013 12:33 pm    Post subject: corporation advance balance
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received a refund overpayment of foreclosure fees but why charge
me for corporation advance balance?
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