I will start by saying that my mortgage was originated by a New Century loan officer who had lied to me and they are going through the ringer now. I will have to write a complaint about that as well, due to the fact I have e-mail proof printed from the LO telling me to lie and dancing around the facts. At any rate, the mortgage/servicing was sold to HomEq and that is where my issues begin.
I should have waived escrows and I wouldn't have had to deal with the transferring of escrows head-ache.instead of getting the correct information from the now defunct New Centery Financial Corporation on my home-owners insurance (which should have been pretty seemless), they placed insurance from Fidelity. Some sort of bond program where the yearly premium was around $1,500, if not a little bit more than that.
Now I realize, it should have been pretty easy to get them proof of the home owners insurance that I had that was at a yearly premuim of around $500. I was going through some things at that time that I was unable to do my own financings, so I had a POA. This had caused considerable problems.
Again, this should have never happened if both companies had capable employees that knew how to deal with the transfer of escrows. It is mandatory that you have proof of you home-owner's insurance before you close on a mortgage. So what exactly happened to that?!
That issue had gotten resolved after a bit and more issues arose. This past summer when my school taxes were due, POA had faxed my information to them and I have the fax confirmation. This was the same fax number that POA had faxed the information to the previous year or two (and spring taxes as will/County), and they were paid. Now all of a sudden, they were not paid as POA had seen on statements.
There was enough money in the escrow account to get the 2% discount. No big deal, POA faxed again, again with a fax confirmation. I have proof of all of this. Now, is when it is getting to be a big deal. POA had received from the school district that the taxes weren't paid and now I am subject to the late penalty. I should have made a copy of this for myself and sent certified mail, but POA was so frustated with the lack of HomEq's ability to use a fax machine it seemed, that they just sent the original to the following address that is posted on their website for:
Property Taxes
HomEq Servicing
Attn: Tax Department
PO Box 13909
Durham NC, 27709-3909
(866) 245-7110
Now, if that doesn't work, it would seem that their is an issue with the operations now being done out of North Carolina (probably some consilidation being done to Wachovia Central in NC from CA), since this still didn't seem to get where it needed to go! More tax notices.
Now to the loss of the POA that had been faxed to them back when there were the home-owner's insurance issues. First person POA contacted told POA to fax the information to them directly. We have the name of that person and the fax number it went to along with the confirmation. When POA called back to see if it was received, talking to the same person that told POA to fax, they said they couldn't give POA any information since they didn't have the POA Agreement on Record!
I was finally able to deal with this by contacting the Tax Service Department myself and complaining and having them contact the School District to see what the amount was due, since late penalties were involved. They ensured me that I would not be subject to the late fees that was their fault (amounting to $500 roughly).
Needless to say, it looks like I had incurred the late fees when I took a look at my escrow balance and compared it to what it was at before. Atleast the taxes were paid, I guess! I will soon be in contact with HomEq again disputing this issues and I am pretty sure that I have this persons name written down as well and the date/time that I had called.
I think we all know by now that HomEq hires incompetent employees that have very poor customer service. Do you want to deal with a servicer that bought your mortgage from a soon bankrupt New Century Financial Corporation that has underwritten "bad paper".
I would suggeest that the next mortgage that you do, request that you do not want your loan being sold to HomEq Servicing. If they cannot gaurantee this, go elsewhere. There are many mortgage companies out there that would do this for you. And if you don't think so, I have a son-in-law that works for a reputable mortgage company that can guarantee this (it may not be able to be guaranteed for life, as publicly traded companies go, you can be bought or sold at any time. The power of the almighty dollar). Be on the look-out for my next post on New Century Financial Corporation, the then Bensalem, PA office and their LO!
George
East Petersburg, Pennsylvania
U.S.A.
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