My home loan was transferred from MetLife Home Loans to LBPS under the guise of a "lender". This compnay is a bill collector (not a lender) which immediately changes/lowers a credit score. Also, once the loan was transferred, it was supposed to "stay the same" as when we initially financed (terms, amount, etc) as there were no changes to the loan except that our taxes had actually decreased due to the housing current market. The first thing LBPS did was raise our monthly payment by $200. The second thing they did was not allow any additional monies to be added to the principal. While under MetLife we had never missed or made a payemnt late, we had reduced our principal by $10,000 in the first couple of years. Now, we have had to keep the principal at the same place (except for the minimal amount that comes off with each standard monthly payment). When trying to add payments to reduce the principal, they keep the money but put it towards the next months payment instead of reducing the principal. Isn't this illegal? If not it should be.
Anyway, we have had nothing but prolems with this compnay and I don't understand how banks/mortgage lenders/bill collectors can keep selling my loan. I can understand a one-time sale but to keep doing this is ridiculous. We got our current mortage in the fall of 2008 and it has been transferred four times; each time we have had to set-up a new online account, send new paperwork, have had the amount of a "fixed" loan changed, etc. Can someone tell me if this process, to this extent, is legal? Why aren't there rules in place to protect consumers from this type of fraud (which it is)? And by the way, LBPS (or any other loan processor) has no intention of lowering anyones monthly payment, refinancing, or otherwise processing any (fake) government loan programs. This is a scam and only about 1% of all mortgage loan holders will actually qualify for refinancing under the gov terms. This is just a way to get more of your personal info out there to sell to marketers.
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