We are convinced there are some bigger loan servicing companies-where sitting on a homeowners mortgage payment check is actually part of their business model. They want the late fees
(PRWEB) March 11, 2013
The Homeowners Consumer Center is one of the best known consumer advocates for homeowners in the United States, and they are now urging all US homeowners to immediately set up an automatic payment plan with their current loan servicing company, in order to not take the chance of being late on their mortgage. The group is now strongly encouraging all homeowners to stop making monthly mortgage payments via check, and the US Mail; not just because the payment could be lost, or stolen, but because they now fear some less than honest loan servicing banks, or loan servicing companies are sitting on homeowner mortgage payments via check, just long enough so the payment shows up as a late. The Homeowners Consumer Center says, "We have been increasingly getting phone calls from homeowners who have always made their monthly mortgage payment via check, and the US mail, they have never had a late, and all of a sudden their loan servicing bank, or loan servicing company never received their mortgage payment for as example January of 2013? There is no way for us to prove the homeowner actually sent their monthly mortgage payment check in on time, so are now urging all US homeowners to set up an automatic payment plan where the loan servicing bank, or loan servicing company gets their mortgage payment electronically on the same day each month, and most importantly there is a record of the transaction on a homeowners bank statement."
The Homeowners Consumer Center does not think major banks, or credit unions would intentionally sit on a homeowners mortgage payment check until it was late. However, the group has identified some loan servicing companies where the loan servicing company may intentionally be siting on mortgage payment checks, because they get late fees for late mortgage payment-if the payment is late. The Homeowners Consumer Center says, "We are convinced there are some bigger loan servicing companies-where sitting on a homeowner's mortgage payment check is actually part of their business model. They want the late fees, and they do not care what showing a homeowner's mortgage payment as late does to their credit score. We are calling it the late mortgage payment late fee scam. It is for this reason we are urging all current US homeowners to set up a automatic payment plan with their current loan servicing bank, or loan servicing company, so their mortgage payment never has a chance of being late again. We also want to emphasize these rouge loan servicing companies service the loans on millions of home loans nationwide. Nationwide includes California, New York, Texas, Florida, Ohio, Pennsylvania, Massachusetts, Michigan, Illinois, Nebraska, Kansas, Colorado, Arizona, Utah, Washington, and every other state. " http://HomeownersConsumerCenter.Com