Your mortgage servicer is not perfect, and sometimes they make mistakes just like everyone else. It is important to review all of your documents and communications with your servicer to check for mistakes. If something doesn't look right, it may not be. You should alert your mortgage servicer immediately if you think your account may be reporting incorrectly. Here are some of the common mortgage servicer mistakes to look out for:
The process of obtaining a mortgage for your home can be very confusing. There are many parties involved in your mortgage and it can be easy to become overwhelmed by all of the new information. Taking out a mortgage is not as simple as just paying the price of the home over a certain period of time. There is interest factored into your payment along with principal, tax and insurance. When your house gets foreclosed it's easy to throw your hands in the air and say, “It's not my fault, I must be a victim of predatory lending!”. However, this is not always a reasonable conclusion. Here are the signs to look for in order to figure out if you are truly a victim of bad lending.
When you pay a mortgage on your home every month, it can sometimes seem like there are so many entities involved in the transaction. One entity you consistently keep hearing from is your mortgage servicer. What exactly does your mortgage servicer do?
You had one job, Ocwen, and you couldn't even do that!
Mortgage servicer Ocwen is being sued by the Consumer Financial Protection Bureau (CFPB) for “failing borrowers at every stage of the mortgage servicing process.”
The lawsuit alleges that Ocwen's “widespread errors, shortcuts, and runarounds cost some borrowers money and others their home.”
According to the CFPB, for years Ocwen has consistently demonstrated an inability to perform the most fundamental duties required of a mortgage servicer, such as sending accurate monthly statements to borrowers, crediting their account for payment, and correctly handling tax and insurance payments.
