Yesterday I called my mortgage company again and they told me they were still "researching" my issue. Now, the issue was that I'd paid off the mortgage but they had no record of that. I had the Fed Wire number for the funds. If they couldn't locate them in 2 days, it's pretty obvious that they weren't trying. So I went to the title company and the woman who handled our closing and I called in together. 40 minutes later we were still on the phone, and the mortgage company found my funds and said they were wired to the wrong account. They tried to tell me that I had to accept a new payoff amount because they wouldn't backdate the payoff. The title company straightened them out on that one. If they have a problem with the title company, they need to take that up with them, not penalize me over this.
What's even more unacceptable here is that the mortgage company didn't much care whether they found my money or not. They literally said to me, "Well, we'll keep looking and let you know if the check turns up." Being late on mortgage payments means my credit first gets dinged, then trashed. Unless I keep making payments on the mortgage that I've already paid off. That is a disaster, not the kind of thing to shrug off. If I was late on a mortgage payment and told them, "Oh, I didn't get your bill. I'll let you know if it turns up," I don't think they'd take too kindly to that.
So, anyway, the funds should be in the right account now. I'll call again Monday to make sure. This company name, incidentally, rhymes with "Ace". Don't go with them for a new mortgage. They've been incompetent my entire relationship with them, from delaying the closing 2 days at the last minute because they hadn't put the paperwork together (I used to do that paperwork as a lawyer, requiring two days means you really don't know what you're doing; it's an hour or two job at most) to misbilling a friend of ours. When the friend paid the amount of the bill, "Ace" applied that amount to principal and then dinged my friend's credit because he "didn't pay the interest on time".
My latest experience is one of those situations where I wonder what normal people do. People who didn't used to do real estate law, have done maybe one or two closings in their life, and who really don't want to have to care about this sort of thing. I suppose they just get taken to the cleaners, their credit totalled. The fact that the "Ace" employees didn't seem to care about this happening to me makes me despise them. Being unabashedly judgmental here, they're bad people.
Holy Cow! Of all the horror stories that I've read recently, this one is the worst, because it could happen to anybody! Sounds like you're on top of things getting it fixed, though, which is good.ReplyDelete
I suppose they just get taken to the cleaners...ReplyDelete
If they are fortunate and/or smart they go through a broker like my husband used to be, who went to every closing and sat there explaining things to his clients, and when a problem like this came up, he would make calls to title companies and lenders until the problems were solved. For this he got 1-3 pts. and now he is hearing that his kind are the ones who caused this problem due to "greed."ReplyDelete
He is no longer in business because his niche was the subprime loans, not due to "greed" but because he liked helping the underdog who didn't know where else to turn. He had clients who refused to go anywhere else, and sent all their friends and relatives to him because they trusted him. He never had to advertise and he was in business for 20 years. Yet never made much money because these kinds of loans took forever, and most of his clients required a lot of handholding and explaining.