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What is a corporate advance fee from mortgage company after

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.

jenkin7's picture
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.

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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.

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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?

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

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

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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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?

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adonis's picture
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.

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jveenstra's picture
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.

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

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.

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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. :?:

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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!!

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

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.

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

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

received a refund overpayment of foreclosure fees but why charge
me for corporation advance balance?

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

Hi dee,

Who charged you this fee? You need to get in touch with that person and try to clarify the matter.

Thanks

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

I refin my home and now have Pennymac and am now seeing these charges just on my second month with them and have already been chared 5x for .95 cents WTH left Wells fargo due to they were over charging, not posting all my payment, charging late fee due to not posting my payments corretly which my payment would be on time they just wouldn't post may payment wrong reverese the payment and disburse my payment correclly after due date and then charge a late fee for their screw up now being charged with this new company for BS charges

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

Welcome Ann,

I can understand that you're in a tough situation. You will have to negotiate and sort out the matter or else you need to wait for few months and then [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage.

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

I requested an estimated payoff of my loan from Nationstar Mortgage. To my surprise, there was a $61,500 corporate advance fee tacked on it. I've not foreclosed or filed for bank rupcty in my life. Now, I did get a modification loan four years ago, but this fee seems exspensive for that. I called Nationstar and the person put me on hold to find out what it was. She could not give me a clear answer and said that I would have to write a letter requesting a break down of these charges, then fax the letter to there Research Dept. I've not at this time, received a reply. Do you think I should consult with a lawyer? I really can't afford one,but I was hoping you could give me some advise.

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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

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

I am deaf asnd senior citizen and was shocked about Corporate Advance which I never heard such thing like that they add 93k to my mortgage. Called Northstar who will send me the package, Aurora Bank charged me 93k and i need a lawyer what is your best advice on my matter?

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

Hi thomas,

Did you get to know as to why they suddenly added $93k on your mortgage? If not then you have all the rights to clarify that from the lender. Taking the help of a lawyer will be a good solution in this regard. The attorney will deal with the lender and can also help you take legal actions against them.

Thanks

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