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Old 06-12-2015, 09:50 AM
 
Location: New York
2,251 posts, read 4,161,942 times
Reputation: 1607

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Quote:
Originally Posted by johnrex62 View Post
There is always the chance of screwups. Back in 1985 I bought a house and the mortgage was sold 9 times in the first 4 months. We got a notice that our latest mortgage company required an escrow account and our payment was going to more than double. I asked what happened to the escrow account we setup when we closed 4 months ago. Nobody had any record of it anymore and said one of the prior companies must have used it for something and not told us.

We had the choice of funding the escrow account again or fighting a foreclosure.
I come across this problem a few times a month. The previous servicer didn't forward escrow information to the new servicer, lead to the mortgage late payments and going into foreclosure. The solution to this is following the paperwork trail from when the first escrow account was setup....

Your mortgage sold 9 times in the first 4 months, does seem excessive.....
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Old 06-12-2015, 10:50 AM
 
7,672 posts, read 9,330,192 times
Reputation: 7902
Key to any mortgage company regardless if they are shady, not a bank etc is to keep ab eye on it. It's not a free payday if they don't cash that check. It is a big deal if you got a tax bill in the mail, don't assumed it's paid. Mark the due dates of your taxes and insurance on the calendar and check with the county AND insurance company that it has been paid. It's easy to go online and look.

If the mortgage company offers autopay, take it. If it doesn't. Get a bank that offers bill pay and pay through that so it's on record that it's sent and no excuses, "Oh it's in the mail...."
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Old 06-13-2015, 05:02 AM
 
Location: Tucson
420 posts, read 518,846 times
Reputation: 506
Quote:
Originally Posted by momtothree View Post
Key to any mortgage company regardless if they are shady, not a bank etc is to keep ab eye on it. It's not a free payday if they don't cash that check. It is a big deal if you got a tax bill in the mail, don't assumed it's paid. Mark the due dates of your taxes and insurance on the calendar and check with the county AND insurance company that it has been paid. It's easy to go online and look.

If the mortgage company offers autopay, take it. If it doesn't. Get a bank that offers bill pay and pay through that so it's on record that it's sent and no excuses, "Oh it's in the mail...."

Good idea momtothree. At first I thought I should send a check and make copies of them but I do use bill pay for other things and I should absolutely use them here.
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Old 06-13-2015, 06:43 AM
 
7,672 posts, read 9,330,192 times
Reputation: 7902
Quote:
Originally Posted by RobertaWa View Post
Good idea momtothree. At first I thought I should send a check and make copies of them but I do use bill pay for other things and I should absolutely use them here.
Yes with something as important as a house (rent or own),I don't trust the mail. I always used their auto pay or bill pay or dropped off with a receipt. Everything else though, mail is fine if I had to. Good luck and hope your new servicer is a boring one.
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Old 06-14-2015, 12:02 AM
 
Location: Kansas City North
3,625 posts, read 6,761,752 times
Reputation: 4630
I assumed an FHA mortgage in 1989 that was serviced by Cenlar. Never had any trouble with it. Had the loan for about 4 years then refinanced with a different lender when interest rates went down.
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Old 06-14-2015, 06:30 AM
 
Location: Tucson
420 posts, read 518,846 times
Reputation: 506
Quote:
Originally Posted by Okey Dokie View Post
I assumed an FHA mortgage in 1989 that was serviced by Cenlar. Never had any trouble with it. Had the loan for about 4 years then refinanced with a different lender when interest rates went down.
Thank you Okey Dokie. I am glad to hear that. I am hoping all goes well with ours too!
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Old 06-15-2015, 01:42 PM
 
Location: Florida
4,103 posts, read 4,011,768 times
Reputation: 9985
Im so glad my mortgage was sold to US Bank lol. But, the REIT itself isnt an issue, theyre just another finance company making money like a bank does. Its this servicer youll have to keep an eye on as you already know.
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Old 11-23-2015, 06:00 PM
 
636 posts, read 668,492 times
Reputation: 334
Just got turned over to Cenlar. Read numerous negative reviews on their mismanagement of escrow funds and "losing" payments. Sure enough, they are showing we owe a tax bill that was paid at closing. And we decided to test them and sent a payment in early. Again, sure enough, the transfer has cleared our bank but Cenlar has no record of it.
They have no one capable of helping when we call, no escrow department.
Already sent one round of certified letters, now shopping for lawyers.

And we thought Wells Fargo was difficult....
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Old 11-23-2015, 08:33 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,623,584 times
Reputation: 8083
Quote:
Originally Posted by Blind Sniper View Post
Just got turned over to Cenlar. Read numerous negative reviews on their mismanagement of escrow funds and "losing" payments. Sure enough, they are showing we owe a tax bill that was paid at closing. And we decided to test them and sent a payment in early. Again, sure enough, the transfer has cleared our bank but Cenlar has no record of it.
They have no one capable of helping when we call, no escrow department.
Already sent one round of certified letters, now shopping for lawyers.

And we thought Wells Fargo was difficult....
File a complaint where it can do some good: Submit a complaint > Consumer Financial Protection Bureau
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Old 11-27-2015, 06:17 AM
 
421 posts, read 306,923 times
Reputation: 570
Quote:
Originally Posted by Blind Sniper View Post
Just got turned over to Cenlar. Read numerous negative reviews on their mismanagement of escrow funds and "losing" payments. Sure enough, they are showing we owe a tax bill that was paid at closing. And we decided to test them and sent a payment in early. Again, sure enough, the transfer has cleared our bank but Cenlar has no record of it.
They have no one capable of helping when we call, no escrow department.
Already sent one round of certified letters, now shopping for lawyers.

And we thought Wells Fargo was difficult....

Cenlar was the first servicer of our mortgage. Because the payment auto-draft was set up for the last day of the month, due to holidays/Sundays/short months they frequently posted two payments in the same month. Their payment processing system managed to handle the P&I funds correctly, but the escrow deposits were treated differently and only made every other month. They were never able to explain this to my satisfaction, and I'm almost certain that at least one month of escrow payment didn't make it in the transfer to the new servicer.
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