Posted on: 31st Mar, 2007 07:41 pm
Is there any way to dispute legally charges that my home mortgage company has placed onto my account. We own a mobile home and I was considering paying off the remaining loan and when I requested a payoff I was informed that there are several charges/amounts that have been placed onto the account, one is listed as negative escrow and the other as an accts recvbl. When I have inquired further about these amounts and requested documentation to support the charges I have been unable to get the mortgage company to provide anything and they simply just send me a letter stating the amounts and Accts Recvbl and Negative Escrow beside them. If I owe the amounts for something than that is fine, but I want to be provided proof/documentation for what the charges are for such as an insurance binder or something to support their claim. My home loan principal home loan is almost paid off and I am trying to find out if I haven\'t recieved any documentation supporting these charges that are over and above the principal, can the mortgage company initiate forclosure if I do not pay them until the provide me documentation. Up to this point, I have sent them two letters requesting documentation from them to support the charges...do I need to instead send them a letter stating I disupte the charges and will that legally protect me until the issue of the validity of the charges is confirmed? I don\'t want to pay these charges until I have documentation stating exactly what they are for, what dates, etc but I also don\'t want them to try to forclose on my home after I have paid off the full loan principal over this.
Hi Ortx,
Welcome to the forums.
I agree with you. You should first get a statement regarding the negative escrow and the receivable accounts and then only start paying them.
As far as I know, the negative escrow implies that your mortgage company has paid more dollars for property tax and insurance premiums than the sum of money that exists in the account. The deficit is then added to the mortgage payments. Or else, the lender may increase the monthly payments into the escrow account.
The mortgage company may call upon a foreclosure since they haven't even provided you with the documentation. I think you should contact an attorney and discuss the issue immediately so that you can take steps before the company declares a foreclosure.
Thanks,
Sara
Welcome to the forums.
I agree with you. You should first get a statement regarding the negative escrow and the receivable accounts and then only start paying them.
As far as I know, the negative escrow implies that your mortgage company has paid more dollars for property tax and insurance premiums than the sum of money that exists in the account. The deficit is then added to the mortgage payments. Or else, the lender may increase the monthly payments into the escrow account.
The mortgage company may call upon a foreclosure since they haven't even provided you with the documentation. I think you should contact an attorney and discuss the issue immediately so that you can take steps before the company declares a foreclosure.
Thanks,
Sara
"can the mortgage company initiate forclosure if I do not pay them until the provide me documentation."
You take legal steps against them so that they provide you sufficient proof/documentation about what these charges are but also do not stop making your regular mortgage payments. That will give the lender an option to foreclose.
If your standpoint gets proved then they will have to return the money if it is not what you actually owe them.
You take legal steps against them so that they provide you sufficient proof/documentation about what these charges are but also do not stop making your regular mortgage payments. That will give the lender an option to foreclose.
If your standpoint gets proved then they will have to return the money if it is not what you actually owe them.