Foreclosures seem to be happening to many people these days for one reason or another. I wish that the lenders that offered hard to pay loans for uneducated homeowners had to pay a portion of the penalty. Instead, homeowners that foreclose end up not losing their home, but they end up hurting their credit for the next seven years. Lenders walk away losing money from the inability to work with the borrower, but they can turn around and make a profit from the property or at least make back the money they lost.
I recently had my home loan sold to a lender that is so bad and manipulative that I have spent the first two months fighting over fees that were added unnecessarily. They decided I needed to show proof of insurance, but they never asked me for proof and just began charging me an extra $215 a month. I called them over and over, sent emails, and eventually got the problem taken care of. Now, I have to wait for them to refund me. The real joke is that if I didn't pay these extra fees they would have considered me late and it would have affected my credit. By paying the extra fees I didn't allow them to charge extra fees for being late even though I wasn't. This is how many mortgage servicing companies work.
Now I question if they are going to add taxes onto my account come January. I told them already to not add these fees to my account since I pay them on my own. The representative I spoke to told me they wouldn't charge me unless I fall behind on the taxes. Yeah, we will see about that. I heard from another person who had a loan through the same company that they did this to them without being late. What some lending companies will do is amazing and I since I have learned a lot I want to be able to offer my help to any homeowner that seems to be struggling through the same process or needs advice in what to do to avoid foreclosure. I learned how to handle loan servicing companies and am willing to offer assistance to anyone who may need it.
