MORTGAGE RIGHTS
Challenging the Amount Due Servicer Change
1. The loan has been transferred to another servicer. This entry says that there is $346.36 in the escrow account, but the entry below it says that the present mortgage company repaid itself $346.36 from the escrow account. (the minus sign means either that this amount was withdrawn from the account or that the account has a negative balance). You need to do two things: (1) check the account history for the new mortgage company to see whether the $346.36 escrow balance appears in the escrow balance at the new company; and (2) find the previous escrow balance and see if it equals $346.36 (present escrow balance)plus $346.36 (amount paid to servicer). Also note that there is a negative balance of $144.29 in "unapplied funds." The label, "unapplied funds," suggests that the servicer failed to apply all funds it received from your client. If this interpretation is correct, the negative balance is very strange. The unapplied funds account is overdrawn by $144.29. How could this happen? How did the new servicer treat this account? 2. EZ Pay is a service your client uses to make the mortgage payment. The red flag here is that the client was charged for using EZ Pay, but the mortgage payment does not appear in the account history. 3. The servicer is repaying itself $34.64 for funds it supposedly advanced for the escrow account. This means that the mortgage company paid for something on behalf of the homeowner. Generally, only hazard insurance and property taxes are accumulated in the escrow account. This homeowner, however, did not escrow for insurance or taxes. What did the mortgage company pay for? 4. The servicer incorrectly purchased hazard insurance for the house. These two entries supposedly correct the mistake, but in fact, do not. Read the bottom entry first because account histories are in reverse chronological order. According to this entry, the servicer added $776.14 to the escrow account, leaving a negative balance of $415.64. The homeowners, however, did not escrow for taxes or insurance. The balance should be zero, not $415.64-. Was the full amount of the insurance charge removed from the escrow account? Why is there a negative balance? 5. I copied these entries from the bottom of the account history, which means that they are the first entries the mortgage company made when it acquired the account. The last entry is first chronologically (remember, the account history is in reverse chronological order). The first entry shows a negative escrow balance of $1195. 32. This means that the party that sent the account to the mortgage company (it was the lender in this case), paid $1195.32 for something on behalf of the homeowners even though these homeowners did not escrow for taxes or insurance. Even though the amount is high, it is possible that the payment could have been for insurance. Force placed insurance is extremely expensive. You need to look at the account history kept by the lender to see what the charge was for. Remember, under the CFPB regulations, the lender was supposed to have sent the new mortgage company account records. Moreover, the lender is supposed to keep the account records for one year after is transfers the account to another mortgage company.
NEXT: The Printed and the Online Histories Do Not Match
 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.
Challenging the Amount Due Servicer Change
1. The loan has been transferred to another servicer. This entry says that there is $346.36 in the escrow account, but the entry below it says that the present mortgage company repaid itself $346.36 from the escrow account. (the minus sign means either that this amount was withdrawn from the account or that the account has a negative balance). You need to do two things: (1) check the account history for the new mortgage company to see whether the $346.36 escrow balance appears in the escrow balance at the new company; and (2) find the previous escrow balance and see if it equals $346.36 (present escrow balance)plus $346.36 (amount paid to servicer). Also note that there is a negative balance of $144.29 in "unapplied funds." The label, "unapplied funds," suggests that the servicer failed to apply all funds it received from your client. If this interpretation is correct, the negative balance is very strange. The unapplied funds account is overdrawn by $144.29. How could this happen? How did the new servicer treat this account? 2. EZ Pay is a service your client uses to make the mortgage payment. The red flag here is that the client was charged for using EZ Pay, but the mortgage payment does not appear in the account history. 3. The servicer is repaying itself $34.64 for funds it supposedly advanced for the escrow account. This means that the mortgage company paid for something on behalf of the homeowner. Generally, only hazard insurance and property taxes are accumulated in the escrow account. This homeowner, however, did not escrow for insurance or taxes. What did the mortgage company pay for? 4. The servicer incorrectly purchased hazard insurance for the house. These two entries supposedly correct the mistake, but in fact, do not. Read the bottom entry first because account histories are in reverse chronological order. According to this entry, the servicer added $776.14 to the escrow account, leaving a negative balance of $415.64. The homeowners, however, did not escrow for taxes or insurance. The balance should be zero, not $415.64-. Was the full amount of the insurance charge removed from the escrow account? Why is there a negative balance? 5. I copied these entries from the bottom of the account history, which means that they are the first entries the mortgage company made when it acquired the account. The last entry is first chronologically (remember, the account history is in reverse chronological order). The first entry shows a negative escrow balance of $1195. 32. This means that the party that sent the account to the mortgage company (it was the lender in this case), paid $1195.32 for something on behalf of the homeowners even though these homeowners did not escrow for taxes or insurance. Even though the amount is high, it is possible that the payment could have been for insurance. Force placed insurance is extremely expensive. You need to look at the account history kept by the lender to see what the charge was for. Remember, under the CFPB regulations, the lender was supposed to have sent the new mortgage company account records. Moreover, the lender is supposed to keep the account records for one year after is transfers the account to another mortgage company.
 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.
Challenging the Amount Due Servicer Change
1. The loan has been transferred to another servicer. This entry says that there is $346.36 in the escrow account, but the entry below it says that the present mortgage company repaid itself $346.36 from the escrow account. (the minus sign means either that this amount was withdrawn from the account or that the account has a negative balance). You need to do two things: (1) check the account history for the new mortgage company to see whether the $346.36 escrow balance appears in the escrow balance at the new company; and (2) find the previous escrow balance and see if it equals $346.36 (present escrow balance)plus $346.36 (amount paid to servicer). Also note that there is a negative balance of $144.29 in "unapplied funds." The label, "unapplied funds," suggests that the servicer failed to apply all funds it received from your client. If this interpretation is correct, the negative balance is very strange. The unapplied funds account is overdrawn by $144.29. How could this happen? How did the new servicer treat this account? 2. EZ Pay is a service your client uses to make the mortgage payment. The red flag here is that the client was charged for using EZ Pay, but the mortgage payment does not appear in the account history. 3. The servicer is repaying itself $34.64 for funds it supposedly advanced for the escrow account. This means that the mortgage company paid for something on behalf of the homeowner. Generally, only hazard insurance and property taxes are accumulated in the escrow account. This homeowner, however, did not escrow for insurance or taxes. What did the mortgage company pay for? 4. The servicer incorrectly purchased hazard insurance for the house. These two entries supposedly correct the mistake, but in fact, do not. Read the bottom entry first because account histories are in reverse chronological order. According to this entry, the servicer added $776.14 to the escrow account, leaving a negative balance of $415.64. The homeowners, however, did not escrow for taxes or insurance. The balance should be zero, not $415.64-. Was the full amount of the insurance charge removed from the escrow account? Why is there a negative balance? 5. I copied these entries from the bottom of the account history, which means that they are the first entries the mortgage company made when it acquired the account. The last entry is first chronologically (remember, the account history is in reverse chronological order). The first entry shows a negative escrow balance of $1195. 32. This means that the party that sent the account to the mortgage company (it was the lender in this case), paid $1195.32 for something on behalf of the homeowners even though these homeowners did not escrow for taxes or insurance. Even though the amount is high, it is possible that the payment could have been for insurance. Force placed insurance is extremely expensive. You need to look at the account history kept by the lender to see what the charge was for. Remember, under the CFPB regulations, the lender was supposed to have sent the new mortgage company account records. Moreover, the lender is supposed to keep the account records for one year after is transfers the account to another mortgage company.
 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.
Challenging the Amount Due Servicer Change
1. The loan has been transferred to another servicer. This entry says that there is $346.36 in the escrow account, but the entry below it says that the present mortgage company repaid itself $346.36 from the escrow account. (the minus sign means either that this amount was withdrawn from the account or that the account has a negative balance). You need to do two things: (1) check the account history for the new mortgage company to see whether the $346.36 escrow balance appears in the escrow balance at the new company; and (2) find the previous escrow balance and see if it equals $346.36 (present escrow balance)plus $346.36 (amount paid to servicer). Also note that there is a negative balance of $144.29 in "unapplied funds." The label, "unapplied funds," suggests that the servicer failed to apply all funds it received from your client. If this interpretation is correct, the negative balance is very strange. The unapplied funds account is overdrawn by $144.29. How could this happen? How did the new servicer treat this account? 2. EZ Pay is a service your client uses to make the mortgage payment. The red flag here is that the client was charged for using EZ Pay, but the mortgage payment does not appear in the account history. 3. The servicer is repaying itself $34.64 for funds it supposedly advanced for the escrow account. This means that the mortgage company paid for something on behalf of the homeowner. Generally, only hazard insurance and property taxes are accumulated in the escrow account. This homeowner, however, did not escrow for insurance or taxes. What did the mortgage company pay for? 4. The servicer incorrectly purchased hazard insurance for the house. These two entries supposedly correct the mistake, but in fact, do not. Read the bottom entry first because account histories are in reverse chronological order. According to this entry, the servicer added $776.14 to the escrow account, leaving a negative balance of $415.64. The homeowners, however, did not escrow for taxes or insurance. The balance should be zero, not $415.64-. Was the full amount of the insurance charge removed from the escrow account? Why is there a negative balance? 5. I copied these entries from the bottom of the account history, which means that they are the first entries the mortgage company made when it acquired the account. The last entry is first chronologically (remember, the account history is in reverse chronological order). The first entry shows a negative escrow balance of $1195. 32. This means that the party that sent the account to the mortgage company (it was the lender in this case), paid $1195.32 for something on behalf of the homeowners even though these homeowners did not escrow for taxes or insurance. Even though the amount is high, it is possible that the payment could have been for insurance. Force placed insurance is extremely expensive. You need to look at the account history kept by the lender to see what the charge was for. Remember, under the CFPB regulations, the lender was supposed to have sent the new mortgage company account records. Moreover, the lender is supposed to keep the account records for one year after is transfers the account to another mortgage company.
 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