I took out two loans with this company back in 1999 on two different properties. I refinanced about 2 months ago and the payoff statements were much higher then they should have been. I was making payments according to the amoritization schedule they provided me at settlement. They claim I have missed payments from 1999 on both the loans but never once was I notified.
To top it off every year I recieved a 1098 interest statement as they are required to provide by law. These statements reflect full payment has been made every year. They claim that they didn't do the accounting on the loan until now and they just sent those to me under false pretense. They told me either I pay what they say I owe or they will revise their 1098 statements to the IRS from 1999.
Has anyone ever had this happen to them and can anyone direct me to a the law stating that mortgage companies have to keep an accurate account history from the beginning? They also did this to at lease one other person that I know.
Thanks
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