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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.

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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. :?:

Like | Dislike | Share | Posted: Tue, 09/18/2012 - 17:15 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Fri, 06/29/2012 - 18:44 | Post subject:

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adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi D Foy,

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

Like | Dislike | Share | Posted: Fri, 06/29/2012 - 22:19 | Post subject:

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jveenstra | Joined: November 10, 2008 09:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Mon, 07/02/2012 - 14:20 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Chester,

You should definitely contact an attorney and take his opinion in this regard. He will let you know how you can approach the lender to get this fee waived off.

Thanks

Like | Dislike | Share | Posted: Tue, 07/02/2013 - 22:21 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I don't think it will be considered as legal!!

Like | Dislike | Share | Posted: Wed, 09/19/2012 - 00:00 | Post subject:

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jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Mon, 04/07/2008 - 23:43 | Post subject:

michelle's picture
michelle | Joined: October 8, 2007 07:23 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Wed, 04/09/2008 - 08:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Tue, 02/03/2009 - 09:05 | Post subject:

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