MORTGAGE RIGHTS
How To Protect Yourself Notices of Error and Requests for Information Basic Requirements The Notice or Request must be in writing. A phone call to the mortgage company is not enough. The Notice or Request cannot be written on coupons, checks or any document sent with a payment. The mortgage companies have departments whose job is to respond to Notices and Requests. You cannot send a Notice or Request along with your payment because it will not reach the right people. The Notice or Request must be sent to the correct department. The name of the department and its address are on your monthly statement. If you do not send your Notice or Request to this department, it will not be treated as a proper Notice or Request. You must make it clear that you are complaining about an error or requesting information. I put NOTICE OR ERROR or REQUEST FOR INFORMATION in bold at the top of my letters. You must give sufficient information to the loan company to be able to identify your loan. In other words, put your loan number in your Notice or Request. You can find your loan number on your monthly statement. I list the loan number at the beginning of my Notices or Requests. If there is more than one page, I put "Loan Number ___" at the top of the page. For Notices, the error you are complaining about, and for Requests, the information you want. NOTICES OF ERROR: You must be as specific as possible. I identify the error in the Notice and attach the page in the account record on which the error appears. Let's use the example I provided in Spotting Mistakes of a mistake in the allocation of principal and interest. In my letter, I would say, "There appears to be an error in the allocation of principal and interest on 7/3/2008. The entry is a duplicate of the entry on 4/29/2008. Note that the allocation to principal is less than the allocation in the preceding month. Further, the payment to interest is higher than the previous month when it should have been lower. I have attached the relevant section of the account history for your convenience." I would circle or underline the problem on the account history. REQUESTS FOR INFORMATION: Again, you must be specific. If there are any attorneys reading this, be aware that you cannot send in Interrogatories and/or Requests for Production of Documents. The Official Interpretations of the rules expressly prohibit them. Loopholes The mortgage company does not have to respond to Notices of Error and/or Requests for Information that are duplicative, overbroad or untimely. DUPLICATIVE: A Notice is duplicative if you previously sent a Notice concerning the same error and you do not provide new and material information with the new Notice. "New" means that the information was not reviewed by the servicer when it responded to the first notice of error. "Material" means that the new information is reasonably likely to change the servicer's mind. A Request for Information is duplicative if the information requested is substantially the same as the information in a previous request. OVERBROAD OR UNDULY BURDENSOME A notice is overbroad if the servicer cannot reasonably determine the specific error. The CFPB gives these examples of notices that are overbroad: Assertions of error regarding substantially all aspects of a mortgage loan, including errors relating to all aspects of mortgage origination, mortgage servicing, and foreclosure, as well as errors relating to the crediting of substantially every borrower payment and escrow account transaction; Assertions of error in the form of a judicial complaint, subpoena or discovery request that purports to require the mortgage company to respond to each numbered paragraph; and Assertions of error in a form that is not reasonably understandable, or is included with voluminous tangential discussion or requests for information, such that a mortgage company cannot reasonably identify an error that requires a response. A Request for Information is overbroad if you request the servicer to provide an unreasonable volume of documents. A Request for Information is unduly burdensome if: The mortgage company cannot respond to the request without exceeding the maximum time limit, or Would incur costs or require the dedication of resources that would be unreasonable in the circumstances. But, if a mortgage company can identify a valid information request contained in an overbroad or unduly burdensome request, it must respond and follow the procedural requirements. UNTIMELY: Both Notices and Requests are untimely if one year has passed since: The mortgage company stopped servicing the loan; or The loan was paid in full. WHAT THE MORTGAGE COMPANY MUST DO Mortgage companies must send a written confirmation that you have sent them a Notice of Error and/or a Request for Information within five days of its receiving your Notice or Request. Public holidays, Saturdays and Sundays are excluded when counting the five days. Notices of Error The mortgage company must either correct the problem or explain why it thinks it did not make a mistake. If the mortgage company agrees that it made a mistake, it must send you a written notification of the correction and the effective date of the correction. The mortgage company must also provide you with contact information, should you need further assistance. If the mortgage company is not convinced that it made a mistake based on your Notice alone, it must investigate the error nonetheless. Bits and Pieces Here are some more things you need to know about Notices and Requests for information. CONTINUE MAKING YOUR PAYMENTS! If the mortgage company has locked you out of making payments, send them a check anyway. It will help you a great deal if you wind up in court. Remember, your judge may think that everyone resisting foreclosure wants a free house. (This is such B.S. No one gets a free house. I need to spend a blog post explaining why that is so). You will snap him or her out of this mindset if you can say that you sent the mortgage company a check, but it sent it back every month. You do not want a free house. You want the mortgage company to bill you fairly. Fair Debt Collection Practices Act. The mortgage company may be subject to the Fair Debt Collection Practices Act in some situations. If you both instruct the company to cease communications and also send a Notice and/or a Request, the mortgage company does not violate the cease communication instruction when it responds to the Notice or Request. This means that the mortgage company cannot use the cease communications order as an excuse not to respond to Notices and Requests. Credit Reporting. Once the servicer receives the Notice of Error, it cannot furnish adverse information to any consumer credit reporting agency (e.g., TransUnion, Experian and Equifax) regarding any payment questioned in the Notice of Error. Identity of the Party that Owns Your Loan. A servicer complies with a request to know the identity of the owner or assignee of a mortgage loan by identifying the company on whose behalf the servicer receives payments from the borrower. The servicer must provide contact information for the company. The Consumer Financial Protection Bureau provides these examples: When the servicer or an affiliate of the servicer owns the loan, the servicer must identify itself or the affiliate as the owner and provide contact information. When the loan is owned by a securitization trust, the servicer must identify the trust as the owner and provide contact information. The General Deadlines. Mortgage Companies must: Acknowledge the receipt of a Notice or Request within five days of receipt; NOTICES: Either correct the error and provide written notice of the correction to the homeowner within 30-45 days or conduct an investigation and provide the homeowner written notification that no error occurred. REQUESTS: Either provide the information or conduct a reasonable search for the information and provide the homeowner with a written notification explaining why the information is not available. If the Request is for the identity of the owner of the loan, the mortgage company must respond within 10 days. Note: Mortgage companies may obtain extensions of time. SPECIAL RULES FOR FORECLOSURE The CFPB adopted a number of rules regarding foreclosure, including notices of delinquency and customer contact requirements, timing rules and special rules regarding loan modifications. The deadlines for responding to Notices and Requests are modified for these situations involving foreclosure: Prior to the date of a foreclosure or within 30 days, whichever is earlier, for a notice of error asserting that the mortgage company: Improperly sent the first foreclosure notice or filed a foreclosure action; or Moved for foreclosure judgment or order of sale; or Conducted a foreclosure sale in violation of the CFPB loss mitigation rules. If the mortgage company cannot investigate, correct or respond within these timelines, it may cancel or postpone a foreclosure sale.
NEXT: Example Notice of Error
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
How To Protect Yourself Notices of Error and Requests for Information Basic Requirements The Notice or Request must be in writing. A phone call to the mortgage company is not enough. The Notice or Request cannot be written on coupons, checks or any document sent with a payment. The mortgage companies have departments whose job is to respond to Notices and Requests. You cannot send a Notice or Request along with your payment because it will not reach the right people. The Notice or Request must be sent to the correct department. The name of the department and its address are on your monthly statement. If you do not send your Notice or Request to this department, it will not be treated as a proper Notice or Request. You must make it clear that you are complaining about an error or requesting information. I put NOTICE OR ERROR or REQUEST FOR INFORMATION in bold at the top of my letters. You must give sufficient information to the loan company to be able to identify your loan. In other words, put your loan number in your Notice or Request. You can find your loan number on your monthly statement. I list the loan number at the beginning of my Notices or Requests. If there is more than one page, I put "Loan Number ___" at the top of the page. For Notices, the error you are complaining about, and for Requests, the information you want. NOTICES OF ERROR: You must be as specific as possible. I identify the error in the Notice and attach the page in the account record on which the error appears. Let's use the example I provided in Spotting Mistakes of a mistake in the allocation of principal and interest. In my letter, I would say, "There appears to be an error in the allocation of principal and interest on 7/3/2008. The entry is a duplicate of the entry on 4/29/2008. Note that the allocation to principal is less than the allocation in the preceding month. Further, the payment to interest is higher than the previous month when it should have been lower. I have attached the relevant section of the account history for your convenience." I would circle or underline the problem on the account history. REQUESTS FOR INFORMATION: Again, you must be specific. If there are any attorneys reading this, be aware that you cannot send in Interrogatories and/or Requests for Production of Documents. The Official Interpretations of the rules expressly prohibit them. Loopholes The mortgage company does not have to respond to Notices of Error and/or Requests for Information that are duplicative, overbroad or untimely. DUPLICATIVE: A Notice is duplicative if you previously sent a Notice concerning the same error and you do not provide new and material information with the new Notice. "New" means that the information was not reviewed by the servicer when it responded to the first notice of error. "Material" means that the new information is reasonably likely to change the servicer's mind. A Request for Information is duplicative if the information requested is substantially the same as the information in a previous request. OVERBROAD OR UNDULY BURDENSOME A notice is overbroad if the servicer cannot reasonably determine the specific error. The CFPB gives these examples of notices that are overbroad: Assertions of error regarding substantially all aspects of a mortgage loan, including errors relating to all aspects of mortgage origination, mortgage servicing, and foreclosure, as well as errors relating to the crediting of substantially every borrower payment and escrow account transaction; Assertions of error in the form of a judicial complaint, subpoena or discovery request that purports to require the mortgage company to respond to each numbered paragraph; and Assertions of error in a form that is not reasonably understandable, or is included with voluminous tangential discussion or requests for information, such that a mortgage company cannot reasonably identify an error that requires a response. A Request for Information is overbroad if you request the servicer to provide an unreasonable volume of documents. A Request for Information is unduly burdensome if: The mortgage company cannot respond to the request without exceeding the maximum time limit, or Would incur costs or require the dedication of resources that would be unreasonable in the circumstances. But, if a mortgage company can identify a valid information request contained in an overbroad or unduly burdensome request, it must respond and follow the procedural requirements. UNTIMELY: Both Notices and Requests are untimely if one year has passed since: The mortgage company stopped servicing the loan; or The loan was paid in full. WHAT THE MORTGAGE COMPANY MUST DO Mortgage companies must send a written confirmation that you have sent them a Notice of Error and/or a Request for Information within five days of its receiving your Notice or Request. Public holidays, Saturdays and Sundays are excluded when counting the five days. Notices of Error The mortgage company must either correct the problem or explain why it thinks it did not make a mistake. If the mortgage company agrees that it made a mistake, it must send you a written notification of the correction and the effective date of the correction. The mortgage company must also provide you with contact information, should you need further assistance. If the mortgage company is not convinced that it made a mistake based on your Notice alone, it must investigate the error nonetheless. Bits and Pieces Here are some more things you need to know about Notices and Requests for information. CONTINUE MAKING YOUR PAYMENTS! If the mortgage company has locked you out of making payments, send them a check anyway. It will help you a great deal if you wind up in court. Remember, your judge may think that everyone resisting foreclosure wants a free house. (This is such B.S. No one gets a free house. I need to spend a blog post explaining why that is so). You will snap him or her out of this mindset if you can say that you sent the mortgage company a check, but it sent it back every month. You do not want a free house. You want the mortgage company to bill you fairly. Fair Debt Collection Practices Act. The mortgage company may be subject to the Fair Debt Collection Practices Act in some situations. If you both instruct the company to cease communications and also send a Notice and/or a Request, the mortgage company does not violate the cease communication instruction when it responds to the Notice or Request. This means that the mortgage company cannot use the cease communications order as an excuse not to respond to Notices and Requests. Credit Reporting. Once the servicer receives the Notice of Error, it cannot furnish adverse information to any consumer credit reporting agency (e.g., TransUnion, Experian and Equifax) regarding any payment questioned in the Notice of Error. Identity of the Party that Owns Your Loan. A servicer complies with a request to know the identity of the owner or assignee of a mortgage loan by identifying the company on whose behalf the servicer receives payments from the borrower. The servicer must provide contact information for the company. The Consumer Financial Protection Bureau provides these examples: When the servicer or an affiliate of the servicer owns the loan, the servicer must identify itself or the affiliate as the owner and provide contact information. When the loan is owned by a securitization trust, the servicer must identify the trust as the owner and provide contact information. The General Deadlines. Mortgage Companies must: Acknowledge the receipt of a Notice or Request within five days of receipt; NOTICES: Either correct the error and provide written notice of the correction to the homeowner within 30-45 days or conduct an investigation and provide the homeowner written notification that no error occurred. REQUESTS: Either provide the information or conduct a reasonable search for the information and provide the homeowner with a written notification explaining why the information is not available. If the Request is for the identity of the owner of the loan, the mortgage company must respond within 10 days. Note: Mortgage companies may obtain extensions of time. SPECIAL RULES FOR FORECLOSURE The CFPB adopted a number of rules regarding foreclosure, including notices of delinquency and customer contact requirements, timing rules and special rules regarding loan modifications. The deadlines for responding to Notices and Requests are modified for these situations involving foreclosure: Prior to the date of a foreclosure or within 30 days, whichever is earlier, for a notice of error asserting that the mortgage company: Improperly sent the first foreclosure notice or filed a foreclosure action; or Moved for foreclosure judgment or order of sale; or Conducted a foreclosure sale in violation of the CFPB loss mitigation rules. If the mortgage company cannot investigate, correct or respond within these timelines, it may cancel or postpone a foreclosure sale.
 MORTGAGE RIGHTS
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
How To Protect Yourself Notices of Error and Requests for Information Basic Requirements The Notice or Request must be in writing. A phone call to the mortgage company is not enough. The Notice or Request cannot be written on coupons, checks or any document sent with a payment. The mortgage companies have departments whose job is to respond to Notices and Requests. You cannot send a Notice or Request along with your payment because it will not reach the right people. The Notice or Request must be sent to the correct department. The name of the department and its address are on your monthly statement. If you do not send your Notice or Request to this department, it will not be treated as a proper Notice or Request. You must make it clear that you are complaining about an error or requesting information. I put NOTICE OR ERROR or REQUEST FOR INFORMATION in bold at the top of my letters. You must give sufficient information to the loan company to be able to identify your loan. In other words, put your loan number in your Notice or Request. You can find your loan number on your monthly statement. I list the loan number at the beginning of my Notices or Requests. If there is more than one page, I put "Loan Number ___" at the top of the page. For Notices, the error you are complaining about, and for Requests, the information you want. NOTICES OF ERROR: You must be as specific as possible. I identify the error in the Notice and attach the page in the account record on which the error appears. Let's use the example I provided in Spotting Mistakes of a mistake in the allocation of principal and interest. In my letter, I would say, "There appears to be an error in the allocation of principal and interest on 7/3/2008. The entry is a duplicate of the entry on 4/29/2008. Note that the allocation to principal is less than the allocation in the preceding month. Further, the payment to interest is higher than the previous month when it should have been lower. I have attached the relevant section of the account history for your convenience." I would circle or underline the problem on the account history. REQUESTS FOR INFORMATION: Again, you must be specific. If there are any attorneys reading this, be aware that you cannot send in Interrogatories and/or Requests for Production of Documents. The Official Interpretations of the rules expressly prohibit them. Loopholes The mortgage company does not have to respond to Notices of Error and/or Requests for Information that are duplicative, overbroad or untimely. DUPLICATIVE: A Notice is duplicative if you previously sent a Notice concerning the same error and you do not provide new and material information with the new Notice. "New" means that the information was not reviewed by the servicer when it responded to the first notice of error. "Material" means that the new information is reasonably likely to change the servicer's mind. A Request for Information is duplicative if the information requested is substantially the same as the information in a previous request. OVERBROAD OR UNDULY BURDENSOME A notice is overbroad if the servicer cannot reasonably determine the specific error. The CFPB gives these examples of notices that are overbroad: Assertions of error regarding substantially all aspects of a mortgage loan, including errors relating to all aspects of mortgage origination, mortgage servicing, and foreclosure, as well as errors relating to the crediting of substantially every borrower payment and escrow account transaction; Assertions of error in the form of a judicial complaint, subpoena or discovery request that purports to require the mortgage company to respond to each numbered paragraph; and Assertions of error in a form that is not reasonably understandable, or is included with voluminous tangential discussion or requests for information, such that a mortgage company cannot reasonably identify an error that requires a response. A Request for Information is overbroad if you request the servicer to provide an unreasonable volume of documents. A Request for Information is unduly burdensome if: The mortgage company cannot respond to the request without exceeding the maximum time limit, or Would incur costs or require the dedication of resources that would be unreasonable in the circumstances. But, if a mortgage company can identify a valid information request contained in an overbroad or unduly burdensome request, it must respond and follow the procedural requirements. UNTIMELY: Both Notices and Requests are untimely if one year has passed since: The mortgage company stopped servicing the loan; or The loan was paid in full. WHAT THE MORTGAGE COMPANY MUST DO Mortgage companies must send a written confirmation that you have sent them a Notice of Error and/or a Request for Information within five days of its receiving your Notice or Request. Public holidays, Saturdays and Sundays are excluded when counting the five days. Notices of Error The mortgage company must either correct the problem or explain why it thinks it did not make a mistake. If the mortgage company agrees that it made a mistake, it must send you a written notification of the correction and the effective date of the correction. The mortgage company must also provide you with contact information, should you need further assistance. If the mortgage company is not convinced that it made a mistake based on your Notice alone, it must investigate the error nonetheless. Bits and Pieces Here are some more things you need to know about Notices and Requests for information. CONTINUE MAKING YOUR PAYMENTS! If the mortgage company has locked you out of making payments, send them a check anyway. It will help you a great deal if you wind up in court. Remember, your judge may think that everyone resisting foreclosure wants a free house. (This is such B.S. No one gets a free house. I need to spend a blog post explaining why that is so). You will snap him or her out of this mindset if you can say that you sent the mortgage company a check, but it sent it back every month. You do not want a free house. You want the mortgage company to bill you fairly. Fair Debt Collection Practices Act. The mortgage company may be subject to the Fair Debt Collection Practices Act in some situations. If you both instruct the company to cease communications and also send a Notice and/or a Request, the mortgage company does not violate the cease communication instruction when it responds to the Notice or Request. This means that the mortgage company cannot use the cease communications order as an excuse not to respond to Notices and Requests. Credit Reporting. Once the servicer receives the Notice of Error, it cannot furnish adverse information to any consumer credit reporting agency (e.g., TransUnion, Experian and Equifax) regarding any payment questioned in the Notice of Error. Identity of the Party that Owns Your Loan. A servicer complies with a request to know the identity of the owner or assignee of a mortgage loan by identifying the company on whose behalf the servicer receives payments from the borrower. The servicer must provide contact information for the company. The Consumer Financial Protection Bureau provides these examples: When the servicer or an affiliate of the servicer owns the loan, the servicer must identify itself or the affiliate as the owner and provide contact information. When the loan is owned by a securitization trust, the servicer must identify the trust as the owner and provide contact information. The General Deadlines. Mortgage Companies must: Acknowledge the receipt of a Notice or Request within five days of receipt; NOTICES: Either correct the error and provide written notice of the correction to the homeowner within 30-45 days or conduct an investigation and provide the homeowner written notification that no error occurred. REQUESTS: Either provide the information or conduct a reasonable search for the information and provide the homeowner with a written notification explaining why the information is not available. If the Request is for the identity of the owner of the loan, the mortgage company must respond within 10 days. Note: Mortgage companies may obtain extensions of time. SPECIAL RULES FOR FORECLOSURE The CFPB adopted a number of rules regarding foreclosure, including notices of delinquency and customer contact requirements, timing rules and special rules regarding loan modifications. The deadlines for responding to Notices and Requests are modified for these situations involving foreclosure: Prior to the date of a foreclosure or within 30 days, whichever is earlier, for a notice of error asserting that the mortgage company: Improperly sent the first foreclosure notice or filed a foreclosure action; or Moved for foreclosure judgment or order of sale; or Conducted a foreclosure sale in violation of the CFPB loss mitigation rules. If the mortgage company cannot investigate, correct or respond within these timelines, it may cancel or postpone a foreclosure sale.
 MORTGAGE RIGHTS
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
How To Protect Yourself Notices of Error and Requests for Information Basic Requirements The Notice or Request must be in writing. A phone call to the mortgage company is not enough. The Notice or Request cannot be written on coupons, checks or any document sent with a payment. The mortgage companies have departments whose job is to respond to Notices and Requests. You cannot send a Notice or Request along with your payment because it will not reach the right people. The Notice or Request must be sent to the correct department. The name of the department and its address are on your monthly statement. If you do not send your Notice or Request to this department, it will not be treated as a proper Notice or Request. You must make it clear that you are complaining about an error or requesting information. I put NOTICE OR ERROR or REQUEST FOR INFORMATION in bold at the top of my letters. You must give sufficient information to the loan company to be able to identify your loan. In other words, put your loan number in your Notice or Request. You can find your loan number on your monthly statement. I list the loan number at the beginning of my Notices or Requests. If there is more than one page, I put "Loan Number ___" at the top of the page. For Notices, the error you are complaining about, and for Requests, the information you want. NOTICES OF ERROR: You must be as specific as possible. I identify the error in the Notice and attach the page in the account record on which the error appears. Let's use the example I provided in Spotting Mistakes of a mistake in the allocation of principal and interest. In my letter, I would say, "There appears to be an error in the allocation of principal and interest on 7/3/2008. The entry is a duplicate of the entry on 4/29/2008. Note that the allocation to principal is less than the allocation in the preceding month. Further, the payment to interest is higher than the previous month when it should have been lower. I have attached the relevant section of the account history for your convenience." I would circle or underline the problem on the account history. REQUESTS FOR INFORMATION: Again, you must be specific. If there are any attorneys reading this, be aware that you cannot send in Interrogatories and/or Requests for Production of Documents. The Official Interpretations of the rules expressly prohibit them. Loopholes The mortgage company does not have to respond to Notices of Error and/or Requests for Information that are duplicative, overbroad or untimely. DUPLICATIVE: A Notice is duplicative if you previously sent a Notice concerning the same error and you do not provide new and material information with the new Notice. "New" means that the information was not reviewed by the servicer when it responded to the first notice of error. "Material" means that the new information is reasonably likely to change the servicer's mind. A Request for Information is duplicative if the information requested is substantially the same as the information in a previous request. OVERBROAD OR UNDULY BURDENSOME A notice is overbroad if the servicer cannot reasonably determine the specific error. The CFPB gives these examples of notices that are overbroad: Assertions of error regarding substantially all aspects of a mortgage loan, including errors relating to all aspects of mortgage origination, mortgage servicing, and foreclosure, as well as errors relating to the crediting of substantially every borrower payment and escrow account transaction; Assertions of error in the form of a judicial complaint, subpoena or discovery request that purports to require the mortgage company to respond to each numbered paragraph; and Assertions of error in a form that is not reasonably understandable, or is included with voluminous tangential discussion or requests for information, such that a mortgage company cannot reasonably identify an error that requires a response. A Request for Information is overbroad if you request the servicer to provide an unreasonable volume of documents. A Request for Information is unduly burdensome if: The mortgage company cannot respond to the request without exceeding the maximum time limit, or Would incur costs or require the dedication of resources that would be unreasonable in the circumstances. But, if a mortgage company can identify a valid information request contained in an overbroad or unduly burdensome request, it must respond and follow the procedural requirements. UNTIMELY: Both Notices and Requests are untimely if one year has passed since: The mortgage company stopped servicing the loan; or The loan was paid in full. WHAT THE MORTGAGE COMPANY MUST DO Mortgage companies must send a written confirmation that you have sent them a Notice of Error and/or a Request for Information within five days of its receiving your Notice or Request. Public holidays, Saturdays and Sundays are excluded when counting the five days. Notices of Error The mortgage company must either correct the problem or explain why it thinks it did not make a mistake. If the mortgage company agrees that it made a mistake, it must send you a written notification of the correction and the effective date of the correction. The mortgage company must also provide you with contact information, should you need further assistance. If the mortgage company is not convinced that it made a mistake based on your Notice alone, it must investigate the error nonetheless. Bits and Pieces Here are some more things you need to know about Notices and Requests for information. CONTINUE MAKING YOUR PAYMENTS! If the mortgage company has locked you out of making payments, send them a check anyway. It will help you a great deal if you wind up in court. Remember, your judge may think that everyone resisting foreclosure wants a free house. (This is such B.S. No one gets a free house. I need to spend a blog post explaining why that is so). You will snap him or her out of this mindset if you can say that you sent the mortgage company a check, but it sent it back every month. You do not want a free house. You want the mortgage company to bill you fairly. Fair Debt Collection Practices Act. The mortgage company may be subject to the Fair Debt Collection Practices Act in some situations. If you both instruct the company to cease communications and also send a Notice and/or a Request, the mortgage company does not violate the cease communication instruction when it responds to the Notice or Request. This means that the mortgage company cannot use the cease communications order as an excuse not to respond to Notices and Requests. Credit Reporting. Once the servicer receives the Notice of Error, it cannot furnish adverse information to any consumer credit reporting agency (e.g., TransUnion, Experian and Equifax) regarding any payment questioned in the Notice of Error. Identity of the Party that Owns Your Loan. A servicer complies with a request to know the identity of the owner or assignee of a mortgage loan by identifying the company on whose behalf the servicer receives payments from the borrower. The servicer must provide contact information for the company. The Consumer Financial Protection Bureau provides these examples: When the servicer or an affiliate of the servicer owns the loan, the servicer must identify itself or the affiliate as the owner and provide contact information. When the loan is owned by a securitization trust, the servicer must identify the trust as the owner and provide contact information. The General Deadlines. Mortgage Companies must: Acknowledge the receipt of a Notice or Request within five days of receipt; NOTICES: Either correct the error and provide written notice of the correction to the homeowner within 30-45 days or conduct an investigation and provide the homeowner written notification that no error occurred. REQUESTS: Either provide the information or conduct a reasonable search for the information and provide the homeowner with a written notification explaining why the information is not available. If the Request is for the identity of the owner of the loan, the mortgage company must respond within 10 days. Note: Mortgage companies may obtain extensions of time. SPECIAL RULES FOR FORECLOSURE The CFPB adopted a number of rules regarding foreclosure, including notices of delinquency and customer contact requirements, timing rules and special rules regarding loan modifications. The deadlines for responding to Notices and Requests are modified for these situations involving foreclosure: Prior to the date of a foreclosure or within 30 days, whichever is earlier, for a notice of error asserting that the mortgage company: Improperly sent the first foreclosure notice or filed a foreclosure action; or Moved for foreclosure judgment or order of sale; or Conducted a foreclosure sale in violation of the CFPB loss mitigation rules. If the mortgage company cannot investigate, correct or respond within these timelines, it may cancel or postpone a foreclosure sale.
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.  MORTGAGE RIGHTS