Our mortgage was sold to Countrywide 4 years ago. Prior to them acquiring it, we had never had any problems with any company. We keep our payments 2 months ahead, and pay a set amount of extra escrow each month to cover anticipated increases in taxes and insurance.
Once Countrywide took us over, we found that our extra escrow was not posted to escrow, but to principal, or our whole payment would be posted to "miscellaneous posting" extra escrow rather than the scheduled payment extra escrow. (Which is why we ALWAYS keep at least one month ahead to allow for the "lost" checks and mis-postings.
Every month I call customer service to correct the way our payment has been posted.in the beginning I was told that the errors happen because the payment centers are automated and the pay slips are scanned in, not read by humans. So, I started l, ining through any scanning bars and jabbing holes in the stub... We had maybe 2 months with proper posting, then back to doing what Countrywide felt like doing.
Because I invest the time to check on how & when our payments are posted, and can afford to keep our payments 2 months ahead, we have not been damaged credit-wise or economically with late fees. However, it just seems like a very sloppy bookkeeping system, or more likely, a way to collect extra fees from the unwary or unaware. Since Countrywide brags about their poor credit/low income loan programs, I suspect their policies and practices are hurting a large number of their customers.
Are there enough other customers to develop a class action suit? We have not been foreclosed on, and have not any financial axe to grind... Just think there's something fishy here.
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