Mortgage Companies: Fool me once, fool me twice
You may be familiar with the old expression, “Fool me once, shame on you. Fool me twice, shame on me.”
Mortgage companies are infamous for abusing consumers with wrongful foreclosures, bogus charges, and more.
When you look at these large banks, it is clear how they view us as consumers.
So, you fight back against them.
You stop a foreclosure. You get your credit reporting fixed. Whatever the issue is, you take care of it.
But there is a danger. Once all of this has been done, you relax. You sigh with relief.
Because this problem has been taken care of, consumers may become more casual in monitoring their mortgage company.
Instead of viewing the company as a business that could cheat them in a heartbeat, consumers think, “My mortgage company would never do that.”
If we have a problem we just call.
Calling is fine, but you must confirm in writing that the issue has been resolved. You must send a letter to have your complaint properly recorded.
Often, consumers will call concerning a statement error rather than sending in a notice of error or request for information under the law of RESPA.
If you allow these little issues to pile up, they will turn in to a bigger issue and you will be right back where you started several years earlier. Foreclosure. Enormous escrow imbalances. Terrible credit reporting.
Remember, when dealing with your mortgage company, protect yourself.
If your mortgage company is perfect, then you are only out the cost of sending a few letters.
The small cost of mail is worth the protection it will provide for you. Especially if your mortgage company has already burned you one time. Do not let them burn you a second time.
We hope this is helpful to you!
If you live in Alabama and you have any questions, feel free to get in touch with us.
We would be glad to help you in any way we can.
You can reach us by phone at 1-205-879-2447, or you can fill out a contact form and we will get in touch with you quickly.
Thanks for reading!