We are scheduled to close on 11/21/2003. We show up for the closing but all of the paperwork is not there so the meeting is rescheduled for 11/24/2003. We successfully close on our 80/20 loan on 11/24/2003. We receive a letter in the mail from our loan co. in Dec. stating that they are selling our loan which is fine. We recieve papers from the new loan co. welcoming us and letting us know to send the payments for the two loans to them on 1/1/2004. I send payment out on 12/31/2003 for both loans. I go online daily to make sure that both payments have been posted to our account. The 20% loan check is never posted and the reps. at the loan co. keep telling me that they haven't received the pymt. I then call once again on 1/12/2004 and a rep tells me that this is not a valid loan # they show this as being a nonfunded loan. I explain to him that we have two loans with his co. and he puts me on hold to discuss it with his mgr. He then returns and tells me that as far as they can see we only have one loan open with their co. and he is going to transfer me over to the customer service dept. so that they can look into it further. The gentleman in the cust. svc. dept. puts me on hold so that he can speak to his mgr. about what I am telling him about having two loans with his co.. He returns and states that as far as they can tell we only have one loan. I say OK because I am tired of explaining myself over and over again. So the next day we receive the end of year statement from the co. showing the taxes that we have paid and they only send papers for that one loan. My husband and I know what happened already. They had funded a loan already for our first scheduled closing date on 11/21/2003 and when they went to close those loans out in their system the must have accidently closed out our 20% loan too. I tried over and over to explain this to the reps that I spoke to on the phone but no one would listen. We have decided to open up a account just so that we can put aside each month the payment that they say we no longer owe in case someone finally sees the mistake that they have made and calls us asking for the money one day. If they don't realize what mistake they made by the time we decide to refinance in two years is this gong to hinder us from refinancing??
Just curious, when you sent in the 2nd payment on your 20% loan and it never posted, Did they send it back to you or apply it to the 80% side?
I have no idea what they did with the payment. But I personally put a stop payment on the check once they told me that the account was not valid.
I know this is frustrating grrrrrr. And even though the co. states you only have one, you know you have 2 and by them not excepting your payments on the second loan, it won't be paid and this could lead to a more horrible mess. Whom did you get your loan through? Did you use a broker or a loan company? Where did you close?? I would first get in contact with your broker/loan officer and call the closing agent and see exactly where the funds came from and where they went to. I would hate to see this go any farther. You have an 80/20 loan and only paying on the 80, while the 20 sits in limbo somewhere not being paid ( by no fault on your end of course) Good luck
If you would reread the first post you will see where I stated that this is all basically a typo in which some data entry person at the loan co. has accidently typed in the wrong account and entered NONFUNDED. I tried to explain this to both reps that I spoke to at the co.. They would not listen to me. I also stated that I am going to open up an escrow account depositing the money that should be paid on the second loan at the same time that I pay the 80% loan so that if anyone every does decide to correct the mistake they will see that I had the money each time it was due. Or since they don't want to listen to me maybe I will just continue to send in the payments on the 20% loan until a light bulb finally pops on in someones head at the co. and they decide to investigate why someone would continue to send payments on a loan that doesn't exist.
Re: Re: I can't believe this is happening!! I strongly recommend that you send both payments CMRR. You need to be in a position to prove that the payments were tendered on a timely basis. Another thought. Was the mortgage on the 20% loan recorded? You could send them a copy of the recorded mortgage with the county's stamp showing when and in what book the mortgage was recorded. And I would also send that CMRR.at
Re: Re: I can't believe this is happening!! Wow...you seem incredibly passive about something that could potentially seriously affect your credit. At some point, SOMEONE is going to notice it is past due. And that will be recorded as missed mortgage payments. Sure, you may have the money saved aside, and sure you may have receipts to show that you sent it on time, but getting something UNDONE on credit reports is frustrating (hence the reason for this board). Why aren't you involving the INITIATOR of the loan? Brokers and intial lenders have entire departments that handle the repackage and resale of their loan. If you were dealing with them, they could easily cut through the red tape, instead of you dealing with bonehead CSRs. aiki
