We have been late on our payments and in trying to get it current we have discovered that Greenpoint aka Greentree has been applying payments sent first to outstanding late charges and then to account balances owed. We have discovered this is illegal according to http://www.usmortgage.com/ftcrule.html where they state that late charges cannot "pyramid".
However I was told by a company representative that we were behind 169.65 and I mailed that on October 28 which they have not recieved. Tanisha the company representative I spoke to on October 21 told me that the 169.65 would bring us current including late fees and all charges. I just spoke to another representative at Greentree (Lloyd or Floyd) who said that in addition to the 166.69 and the regular payment of 331.00 we also owed 21.54 in late fees. Tanisha said that 166.69 and 331.00 on November 2 would bring the account current through November 2. Apparently it doesn't and now if we do not pay the 21 in late fees it will accumulate another 15 dollars in late fees because it will be behind 3 months (even though they are only partial months).
I realize this makes no sense as I am typing it - I am very angry and going back through our records realize they have ripped us off in the last 5 years for more than 100.00. How is this legal when the above mentioned website states it is illegal to pyramid late fees.
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