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Company Loan Type APR Est. Pmt.

CORPORATE ADVANCE FEES

Is there a cap on the amount the lender can charge for a corporate advance?

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi guest,

I think, the corporate advance fee varies from lender to lender. The corporate advance fees are disbursements for servicing related expenses that the servicer has paid with servicer funds. These fees include foreclosure expenses, attorney fees, bankruptcy fees, and force placed insurance. As far as I know, these fees do not include taxes.

Thanks,

Jerry

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:26 | Post subject:

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

How can they charge me that fee when I have NEVER been late!!?
They gave me 4 different description of the fee but never a consistent answer.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:26 | Post subject:

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

Welcome Mary,

If you have never been late, then I don't think the lender should charge you any late fees. You need to speak to the lender and clear off the issue.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:26 | Post subject:

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

They are not just assessed when late, sometimes taxes can report not paid from the county for years past when the property wasent even yours yet, which get paid by the lender first to ensure the property is not taken by the tax office then requested of payment from the borrower at some point sometimes called corp advance fees. I have also seen them assessed for "property inspection" (basically a driveby of your property if past 30 days dlq to verify occupancy) ins premium paid out in advance if escrowed. numerous reasons, i request a pay history to narrow out that in fact a payment was never misapplied as late by accident etc... good luck!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:26 | Post subject:

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

Best option is to contact the lender, have a word with him and sort out the whole matter.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:26 | Post subject:

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