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Our FHA backed Mortgage was sold to a servicing company called Selene Finance. Everything I researched about this company suggested we would be best served to refinance and get away from them - fast!. Their reputation is less than stellar. We just closed on a FHA streamline last week so that goal is completed. True to what I had read about them, we are still being hounded by Selene for a payment even though I had confirmation that they have been funded and the loan is 100% satisfied. They also still have over $2000.00 of our money in the escrow account. I have 2 questions:
How long do they legally have to refund our escrow?
If they do not refund our escrow within the time that is legally allowed, is there a governmental agency that oversees this sort of thing or do I have to get an attorney involved?
Federal law states that the balance in your escrow account must be relaesed within 30 days of being paid in full. Note a couple of things here: first date they posted the payoff not the day you closed or day attorney sent funds but when it was received and posted. Second 30 days to release meaning the check has to be dated this day not in your hands.
I wouldn't worry- no one is going to mess around with this.
You can refinance as many times as you want but you have no control what happens to your loan. It could be sold and re-sold many times before you even pay it all off.
Find their regulatory agent (I think it will be the FTC) and file a complaint.......copy your local congressman, copy your state mortgage regulator (what state are you in?) and copy the Consumer Financial Protection Bureau. Copy Selene on every single piece or correspondence.
Keep track of the harrassing telephone calls - keep a written record of every event.
I do believe if they are over 30 days, they owe you interest.
You can refinance as many times as you want but you have no control what happens to your loan. It could be sold and re-sold many times before you even pay it all off.
Yup thats not a problem. We got a FHA streamlime where most of the closing costs were waived. Hopefully we will be with this mortgage company for a while.
Quote:
Originally Posted by SmartMoney
Find their regulatory agent (I think it will be the FTC) and file a complaint.......copy your local congressman, copy your state mortgage regulator (what state are you in?) and copy the Consumer Financial Protection Bureau. Copy Selene on every single piece or correspondence.
Keep track of the harrassing telephone calls - keep a written record of every event.
I do believe if they are over 30 days, they owe you interest.
Thank you! At this point I'm recording all phone calls and holding onto all coorespondence
Oh, I left out one major player to complain to: HUD.
Thank you but that is sort of like saying "complaint to the government" I looked up HUD numbers and there are close to 5 pages of numbers for them. Unfortunately, none even remotely say "Consumer Complaint". I'll keep rooting through though. They have stopped calling for payment but are now not responding regarding Escrow. Remember - if you see the name Selene Finance - RUN!
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