If you have a mortgage with any bank please be aware that you are being out sourced to other companies, if you have an escrow account, it is being sub serviced by others and its not in your mortgae or your disclosure statement.
Back in 2000 i transfered my loan to GMAC, never had a problem. Then in 04 i got calls from my insurance agent, that my homeowners polocy was due and if they didnt pay it it would be cancelled, well it was not paid. At the time there was 1447.00 in the account. I started calling gmac and complaining but ws told not to worry it would be paid.
It is now several weeks later and they were not going to reinstate my insurance which ment i had to find a new policy. My old policy was $482.00pryr the new one was now $1268.00 which would mean my mortgage payment would go up too. GMAC then took my payments an put them in to miss fees and other charges which made it look like i was behind, they also tried to put forecplaced insurance on me how ever there was already a policy, they also paid my flood insurance late but it was reinstated.
I sued them and this resulted in a five yr court battle and ended up with me spending a lot of money only to have the courts dismiss the whole mess in 2008.
It is now 2010 and i started digging for anwsers, i found out that my account was being serviced by Z C Sterling an insurance company that monitors loans for GMAC, in 04 they transfered my account to Balboa another insurance monitoring company, when i called asking questions i got the anwser. I spoke to a SHANNON GRIZZLE at Balboa she left a message on my cell, in that message she states, WHEN THE FILES WERE TRANSFERED OVER THERE WAS A GROUP OF THEM THAT WE DIDNT HAVE THE INFORMATION ON SO WE NEVER KNEW TO PAY THEM. "omg people" she then blames the other company zc sterling for the mixup. I have this on a recorded message.
What this means is that there were and are many of homeowners out there that this may have happen to and they may have lost their homes because of their mistake. Please check your loan docs and see if it mentions that they are sub servicing your loans, call them and ask them whom is the subservicer, if you are haveing problems like in foreclosure and you find out that you are being subserviced and no one notified you this may help you win your case, its violating the rules of HUD
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