Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage

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On XXXX XXXX, the final docs for a HAMP modification on my CA home was signed with Nationstar XXXX XXXX XXXX XXXX TX XXXX. The process took about XXXX months to complete. I submitted copies of the initial application XXXX times as they stated documentation was never received. I received a letter in XXXX XXXX stating I did n’t qualify for HAMP, which turned out to be an arithmetic error on their part. Upon correcting that, in XXXX of XXXX, Nationstar set up an escrow account for taxes and insurance per HAMP guidelines. I was not informed that escrow account had been opened and the misapplication of funds started. My original P & I payment amount was approximately {$920.00}. per month. There was no escrow account on the original loan. Over the next XXXX months, my payments varied monthly from {$1100.00}. to {$1400.00}.! The explanation I was given at the time was that the Escrow acct had to be funded, hence the changing figures. EACH OF THOSE PAYMENTS WERE MADE IN THE FULL AMOUNT REQUESTED AND ALL PAID ON TIME. Because of the misapplication of funds, most of my payments went into a forbearance account as ” partial payments ”, XXXX as they referred to them XXXX, and could not be applied to either P & I or escrow. Remember, I paid all invoices IN FULL AND ON TIME per THEIR instruction. In XXXX XXXX, there was a issue about my property taxes being paid, as the escrow account did not have the funds available because funds were being held in forbearance. I was told to pay the property taxes directly and was later informed that they ( Nationstar ) had paid them FROM FUNDS I ‘D PAID TO THEM AS P & I. At this point, I contacted my Congressman, who in turn, contacted the Treasury department, and the process BEGAN to proceed in a less chaotic fashion, until the duplicate tax payment was returned to Nationstar, as mine had been received XXXX. That amount was credited to my escrow account. ( it should have been applied to P & I per their invoices ) All told, over the period from XXXX/XXXX/XXXX to XXXX/XXXX/XXXX, I paid approximately {$7900.00}. in P & I and approximately {$2000.00}. into escrow. Upon looking at my payment history after the modification trial periods were complete ( XXXX trial periods existed because of a filing error on Nationstar ‘s part on the XXXX set of loan docs ), I realized that my P & I had been reduced by a mere {$640.00} over the course of ten months! During the modification period, the P & I figure actually went UP from approximately {$140000.00} to {$140000.00}.! To reiterate, all payments were made IN THE AMOUNTS REQUESTED ON TIME during this period. Bringing this to their attention, I was sent a copy of my payment history with no letter and no explanation other than a verbal ” it ‘s correct ” over the phone. The payments, application to P & I, reversals of payments, forbearance holdings and payments and refunds to and from Escrow make the payment history basically unreadable, except possibly by a forensic accountant. By my calculations, I am due a credit toward my principal of about {$2800.00}, and approximately {$5500.00}. in interest. Note that I have been trying to settle this since early XXXX.
Additionally, XXXX of the provisions of the HAMP program is that the homeowner is to receive {$1000.00}. in principal credit XXXX {$83.00}. per month applied annually ) for each XXXX month period in which all payments were made on time and in full. To date, I have received NO incentive payments which now total approximately {$3500.00}. If these payments were applied, the amortization schedule would change, as more $ would have been allocated to principal & less to interest. I worked with the HAMP XXXX and XXXX directly to no avail. The response from Nationstar is that they ‘re investigating the claim and need more time. After XXXX YEARS?? My house is sold ( Closing scheduled for XXXX/XXXX/XXXX ), yet the escrow company ca n’t get an accurate payoff figure due to the unresolved issues. I ca n’t wait longer. Please help.

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