The money I send in for my payments never goes where it is suppose to. Last year over $2000 I sent in was applied to "other". Practically every month I send in a letter to them asking them to explain what happen to my last payment.
This last time I was told that they had an account called a "suspense account" where they put any part of my payment that they were unsure what to do with. They have had my loan for years and I have never been told about this account. I have never been told how much of my money they have in it.
There has never been any hint that such an account existed or that I had money it it. Since I have found out about it I have tried to get more information on how much money is in it, when it was put it, what happend to it.
From what I have been able to figure out, money is held in this account for months, for example if I am behind in a payment and make a double payment, one half of the double payment is put into the suspense account then weeks later it is applied to my balance. Once I was told that over $350 was pult into the suspense account. Two months later it was applied toward a payment.
I did not pay any additional amount with my house payments during this two month period. So why did they hold the money this long. It was enough to make a house payment and I did't add anything to the suspense account.
Why hold my money making me be stay behind in my payments for no reason. I can find no reason for them holding my money for that much time.
I have asked for printed out account activity statements and there is never any thing about the suspense account shown. I dont like them taking my money, holding it until they feel like giving me credit for it, and not letting me know how much they are holding.
In addition to this, when they do apply my payments they do not do so in any consistant manner. I had an interest arrearage balance from a forbearance agreement. I paid it off on January. I told them that the $54.51 I had been paying monthly for this payment should now be applied to additional principal. When I check my 2004 statements I see that out of ll payments that should have had the additional $54 principal only 5 did. I have no idea what happened to the other 6. This is over $300 additional principal I should have paid.
That is not all. I received my 2005 annual escrow account disclosure statement and change of payment notice. It showed that my house payment would be approximately $50 less starting Jan. 2005. I told them to apply this $50 to additional principal also. Since then I have received credit for 2 $57 additional payments.
I should have received 4 or 5 credits for over $100. This is an additional $400 or $500 of additional principal I should have received. Once again I have no idea where the money went and they dont tell me anything.
I would like to be paying an additionl amount on principal every month. I am sending the money in. I am a loss as to what to do.
I am not very good at understanding real estate stuff and mortgage terms. I see terms like principal curtailment, property preservatlion, misc. F/C and B/R expenses, maintenance reversal and I dont know what they are talking about. I ask alot of questions and send in so many letters to EMC trying to figure out what is going on with my payments. I never get an answer that helps me understand.
Their monthly statements are always changing and they often say things like "additional transactions exist on your account give us a call if you need more information." So you dont even get to see where your payment went. They just take the money and dont bother to explain what they did with it. I think they do whatever they can to make them as confusing as possible. I dont know if any of this is illegal or if it is just not the right way to do good business. I was so glad to see this website with complaints about EMC. I thought I was the only one.
Thank you for letting me know I am not alone. I dont know if there is anything that can be done but I know I feel some better just having told someone.
0 comments