Under the law, the following servicer errors can be addressed in a notice of error: refusing to accept conforming payments improperly applying or crediting payments imposing unreasonable fees or charges neglecting to pay property taxes or homeowners' insurance failing to transfer accurately and timely information relating to the servicing of a borrower's mortgage loan account to a transferee servicer not providing an accurate payoff balance amount upon a borrower's request failing to provide accurate information regarding loss mitigation options and foreclosures improperly starting a foreclosure , dual tracking , or conducting a foreclosure sale in violation of federal mortgage servicing laws , or any other error relating to the servicing of a borrower's mortgage loan.
Deadline to Acknowledge a Notice of Error The servicer must acknowledge a written notice that asserts a particular error within five business days. Deadline to Respond to a Notice of Error How much time the servicer gets to respond to your notice of error depends on the type of error that you claim the servicer committed: If you claim that the servicer didn't provide an accurate payoff statement after you asked for one, it must respond no later than seven business days after receiving your letter.
If you claim that the servicer wrongly started a foreclosure or improperly scheduled or conducted a foreclosure sale, it must respond before the foreclosure sale date or within 30 business days after it receives your letter, whichever is earlier.
If you claim a different type of error, the servicer must respond within 30 business days after it gets your notice. Requests for Information A request for information can be useful if you're unsure whether the servicer made an error and want to get information about your account to help you make this determination.
Deadline to Acknowledge a Request for Information If you send a written request for information, the servicer must acknowledge your inquiry within five days. Deadline to Respond to a Request for Information The servicer must generally give you the information you requested within 30 business days or explain why the information is not available, as well as provide you with the name and contact information of someone you can follow up with.
When the Servicer Doesn't Have to Respond to Notice of Error or Request for Information The servicer doesn't have to address your notice of error or request for information in some situations, like if: your letter is about an error that is essentially the same as one you previously asserted and the servicer has already responded to it your letter requests information that is essentially the same as a previous request and the servicer already responded to your request your request is overly broad, or you're asking about a loan that was transferred to another servicer or that was paid off more than a year ago.
How to Write a Notice of Error or Request for Information Letter You can find a sample notice of error letter and request for information letter, along with useful information about what to include in the letter, at the Consumer Financial Protection Bureau's website. Getting Help If the servicer doesn't respond to your notice of error or request for information or if the servicer disagrees that it made an error or refuses to provide you with certain information, consider consulting with a lawyer.
Talk to a Lawyer Need a lawyer? Start here. Practice Area Please select Zip Code. How it Works Briefly tell us about your case Provide your contact information Choose attorneys to contact you. Real Estate. Buying a House or Property. Selling a House. Mobile, Manufactured, and Tiny Homes. Homeowners: Taxes, Improvements, and More. Neighbor Law. Selling Your House. Further, the real estate process is often a complicated process involving numerous parties. Therefore, it may be in your best interests to seek out a well qualified and experienced mortgage attorney to help guide you through the process of obtaining a mortgage and purchasing a home.
An experienced mortgage attorney can help you review loan documents, assist you in contract negotiations, as well as represent and file a legal claim on your behalf against the mortgage lender, should any disputes arise.
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Please select a city from the list and choose a category. Please enter a valid zip code or city. Please select a city from the list. Connecting …. However deserving of that blame they are, and they are, you still have obligations from the contract you signed when you borrowed money to buy your home. Any judge or jury is going to take that into consideration. Before you decide to sue, look into whether or not somebody's already done it for you.
The National Mortgage Settlement of is a settlement with most states, the federal government, and the largest banks to settle numerous lawsuits related to mortgage servicing misconduct. A lot of the misconduct is foreclosure related and includes robosigning documents , not following proper foreclosure procedures, and dual-tracking , which is leading a borrower to believe approval for a loan modification is coming while pursuing foreclosure. The deadline to make a claim for a cash payout through the National Mortgage Settlement has passed, but exceptions may be possible for eligible borrowers.
Visit nationalmortgagesettlement. Smaller lawsuits have been settled as well. You may have gotten a card in the mail letting you know you're eligible to claim a share of a cash settlement with your bank.
The settlement often comes as a result of a class action lawsuit filed against the bank for some kind of misconduct, such as violating credit reporting rules. Unfortunately, each homeowner's share of the settlement is often only a couple hundred dollars or less. If your goal is to sue so that your lender will pay attention and give you a loan modification that allows you to avoid foreclosure, don't bother.
Settlements and government programs require many banks to consider distressed homeowners for home-saving loan modifications that reinstate their mortgage and lower their monthly payment to an affordable portion of their income. Unfortunately, trying to get a HAMP modification has been a nightmare for a lot of people who have applied on their own, sometimes numerous times, and been denied. If this has happened to you, consider working with a law firm that has extensive experience getting loan modifications for people in your situation.
An experienced firm will know how to present your case to the bank so that you have the best chance of getting approved and avoiding losing your home to foreclosure. HAMP is scheduled to expire at the end of , so the time to take advantage of it is now. Don't procrastinate or let your desire for revenge cause you to miss out. You don't need to have good credit to get a HAMP modification, and it's the only hope many distressed homeowners have for keeping their home.
Only you can decide whether or not you should sue your lender. Think about what your goals are, how much money it will cost to sue a lot , and what your odds of success are slim. If your goal is to keep your house, but your payment is unaffordable, getting a loan modification is your best bet.
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