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08-01-2007, 01:29 PM
| | Junior Member | | Join Date: Jun 2005
Posts: 16
| | | Can they hold my money in suspense?
What is the name of your state? Oregon-
I am concerned that my mortgage company may take my home without good cause. I have a couple of questions on the matter. How long can they keep any of my payments in an account titled "suspense Funds Rec."? They know they have my money, but are not applying it to the accout correctly. I have made all payments for the duration of the contract to date. However, they tell me that I am behind in my mortgage payments because of the money in their "suspense Funds Rec." and are about to take me to court on the matter for a second time.
Thank you for your insight on this matter,
J
Last edited by Johnmou3; 08-01-2007 at 01:31 PM.
Reason: took off icon
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08-01-2007, 03:06 PM
| | Senior Member | | Join Date: Oct 2006
Posts: 1,125
| | | Did you make the payments on time? Did you try splitting the payment into 2 monthly payments? Why do they say you are behind?
What was the first court date for? |
08-01-2007, 07:14 PM
| | Junior Member | | Join Date: Jun 2005
Posts: 16
| | | "Did you make the payments on time? Did you try splitting the payment into 2 monthly payments? Why do they say you are behind?"
Yes, every payment has been on time. We were on an accelerator program which automatically split the payment into two and was auto drafted. They are saying we are behind due to the money they put in a "suspense Fund Rec." instead of applying them to interest, escrow, and principal. There was a court date on May 31, 2007 for this issue and now they are threatening another suit. Their own statements show where our money is and they have stated that they have it but are still saying that we are behind.
Thank you again for your insight,
J |
08-02-2007, 05:53 AM
| | Senior Member | | Join Date: Oct 2006
Posts: 1,125
| | Quote: |
We were on an accelerator program which automatically split the payment into two and was auto drafted.
| BAD BAD BAD idea if I am understanding you correctly every payment has been late with a possible penalty added each month they were made, typically, after the 15th of the month.
Sounds like they have been holding 1/2 of each payment in an account and it was only applied after the second half came in and then once they applied the second half you were still short the penalty assessed and thus your payment was still not entirely made.
IF I am right get off of this plan YESTERDAY. |
08-03-2007, 07:16 PM
| | Member | | Join Date: Feb 2005 Location: Elgin, IL USA
Posts: 933
| | | Was the accelerator program through your lender, or a 3rd party that did not make actual payments on time (or was a month behind)? | |
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