My dealing with PMSI since they acquired my loan from Peoples Choice 9 months ago has been a nightmare. It has taken countless phone calls to various departments including loan counseling, client services, tax and insurance escrow to rectify errors on my account.
Over the last 6-7 months I have talked to many representatives from each of these departments and been told to fax this, that, and the other thing only to find that nothing was done, or it was lost, or whoever told you that didn't know this or that. My insurance rep personally called and faxed proof of insurance at least 4 times.
The issue is finally resolved, I've been told. I have not been sent the refund of 809.54 and they have not corrected the payment amount due for this month. I called them today after I was unable to make a payment by phone, as was the case in February, because of the discrepancy in amount owed. I was told that they would have to get back to me!!!
The other issue involves a loan modification process offered to me in responce to my request for help last November when I was in default by two payments. Loan Counceling sent a packet of information that I filled out and requested a letter of circumstance and plan of action, which I provided. I was told there was nothing they could do for me in terms of those 2 payments and that I would have to be current with everything, including the incorrect escrow charges before I could do a modification to convert my loan from variable (in 2 years) to a fixed loan at the same interest rate.
This new loan was being offered for a limited time. They agreed to wave the prepayment penalty (8k) and it would cost me $350. They encouraged me to do this and it seemed like a good idea because I was told that in a month or two I could request an FHA loan and convert my first and second mortgage at a lower interest (I am currently paying 15% on the second) and lower my payment substancially.
When the modification was completed my payment was $100 more than it was before! It turns out that I was in a 40 year mortgage and now due to program restrictions I was in a 30. I was told repeatedly that my payment would not change with this modification and after questioning it, I was told that the file had been transferred and I should call...
It is now March and they are still not offering the FHA program. I'm told that "they are going national with it and that it has not been ironed out in a few states. Try again in a couple months, or try another lending institution"
They know that I dont want to do this because of the 8K prepayment penalty which is still in force from the previously modified loan. I was told that PMSI has been getting alot of complaints because the FHA program is not approved as yet and that they were losing clients.
My take is that they are more than making up for it by getting rid of what they percieve as undesireable loans and raking in the dough in prepayment penalties.
I am stuck until they decide to run the program. I want to take advantage of the lower interest rates but my hands are tied. I am so frustrated!!!
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