I have learned to listen to my internal bells and whistles, as they are rarely wrong. About a year ago, we received a home modification from our mortgage company. I became sick and missed a payment. Within two months, my loan was sold to Residential Credit Solutions. I told my husband from the get go that I suspected this company was a fly by night, foreclosure company, why else would they buy a loan that was a month late? Now, I have no job, and am behind five weeks. The company will now not accept a payment, stating, ” I am in breach of contract, as I am not allowed one day over 30 days, and I am 49 days late. What? I was willing to pay a payment? Anyway, come to find out, I think my suspicions were grounded. Here is how to know if your mortgage company is a scam and what you can do about it, or at least try to do. ]
— If your loan is sold, after being modified or when late, you are probably dealing with a company that purchases bad loans.
— If they add additional charges, such as inspections fees, every month, you probably have a scam company.
— When you ask a questions, and they refuse to answer it, it is a sign. When I asked how they could foreclose when I wasn’t 90 days late, the rep became silent, and changed the subject. ” Why did they take a payment from you last month, when you were in breech then?”
— If your company refuses to take a payment, even when you are not in foreclosure, this is a sure sign something is amiss.
— When you search the internet, and can’t find one positive report on a company, you can be assured your suspicions are correct
— Check the company’s BBC rating. This company’s rating is D-
— Look at other sites that do modifications to see if they have had any luck. One site reported they had never had a home mod refused, and it looked like RCS would be their first ever.
— When paperwork gets lost repeated, the company is stalling, hoping it will be too late for you to do anything. Ever web site that has a complaint against RCS, states they fax and re-fax paperwork and RCS never receives it.
— Check to see if there are any class action suits or lawsuits in general against the company. Come to find out, there is a class action lawsuit against Residential Credit Solutions in California, which I now am a member of .
— You might be told to pay all or nothing. If you are in foreclosure this makes sense, but if you are only one payment late, this is unreasonable. Whoever heard of a one day late breach anyway? And a company that wouldn’t work with you? And the rep stated, ‘ Don’t make a payment, keep your money. ” Makes you think if they are trying to make you even later in payments so they will have a case?
I explained to the rep that my choice was to quit work or become even sicker than I was. I could no longer work with heart issues and immune problems in a hospital for the mentally ill. I was catching everything, which resulted in heart problems, intestinal problems, and staph. I do have to say that the rep seemed concerned, but not concerned enough to take a payment.
We have been told to apply for a HAMP loan. I am sure it will be turned down, as it seems there is always a loophole for the company or some technicality. But I will not stop striving to save my home. It is ashamed that we are sitting on a payment they won’t accept. Makes you wonder if this is how they treat every Special Education Teacher who has a loan with them. Or is this how you treat an ex Desert Storm Veteran? We have already contacted our senator to let him now that they have offered to help, but it is probably useless. We will keep all informed about the progress. Let’s hope and pray they can help!