I have had constant confrontations with my mortgage company over the past year. If I were not diligent, my house probably would have been repossessed by now. As it is, I have sunk countless hours into research and rebuttal of thier claims of nonpayment against me.
What happens is this; I send in a payment with notation on the bill as to how the funds are to be applied. I usually send in my usual payment with an extra principal payment. Several times, the funds have been applied to the current and other future payments instead of as I request. Some times, the payment is applied only to principal when I have asked for it to be applied both as a regular payment and a principal payment. This caused an erroneous non-payment letter to be generated by the Loan Servicing Center computers and a late fee tacked on to my regular payment. Sometimes I will send in a seperate principal payment with a letter attatched requesting that it be applied only to principal. This payment is usually applied to future mortgage payments instead of to principal as I request. What this in effect does is to charge me several months of interest before the interest ever comes due.
After usually months of debate over the phone with many nameless customer service representatives I begin to lose my patience. For example, I just settled a long standing argument over my last principal only payment which was made in October last month. This month, my payment was once again misapplied, and so the whole problem begins again. I am at wits' end about this. I cannot see any point in calling in a lawyer since a suit would not do anything to alleviate the problems that I face, and would only multiply the time I lost resolving these issues. I cannot claim that they have caused me financial harm since I have always been very certain that in the end my money goes where I mean for it to go. If I were to try to sell my house, however, I might not be able to. If I happen to be in false default over this loan at the time the house goes up for sale, I could not sell it. It would be somewhat likely for this to happen since my loan has been in dubious default or in research because of the constant misapplication of my funds.
So I find myself stuck. I don't believe a person should have to prove thier lack of errors to a company which constantly makes them, but that is where I find myself.
One more thing. This loan is supposed to be a standard variable rate loan, but over the past two years that I have held it while the interest rates have been plummetting, I have not seen any change in my interest rate. Is this possible? On this issue I must defer to others, since I have no reasonable knowledge of the subject. It would seem that a variable rate loan would vary though.
What am I to do? What if I fall ill and cannot continue the struggle? Will I have to lose my home because they cannot keep thier records straight? If I cannot afford a lawyer to dispute a forclosure on my property, will I just lose my house and everything I have done to secure it for myself and my family? I know there are people out there who have already suffered this fate, and it makes me sad for them and furious at this marauding band of pirates masquerading as a mortgage company.
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