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Not getting a response after a written inquiry to your mortgage lender? Cite RESPA. A “win” for the good guys!

February 17th, 2011 · No Comments · mortgages in michigan, tips for home buyers

I am doing a happy dance while sitting in my desk chair.  I just finished reading this article that was posted a bit ago at ABC online.

What a win for the consumer!

In a nutshell (read the article at the link provided above, you’ll be glad you did) a man in Pennsylvania wrote to his mortgage lender, Wells Fargo, inquiring about added charges for homeowners insurance on his mortgage bill.  He wrote several times and didn’t receive a response from Wells Fargo.  So he did what many of us wish we could do, he took them to court.  And won.

The Real Estate Settlement Procedures Act (RESPA) doesn’t just apply to those who are buying their homes and at the closing table, it also mandates how mortgage lenders / servicers treat you AFTER you have purchased your home.   If you have a question about your mortgage loan or escrow account and you write to your lender, they darned well better get back with you.

A few years ago I represented a young lady in her home purchase in Roseville (Macomb County).  About a year later she called me because her escrow account was so screwed up and she wasn’t getting any clear reasons for it after many phone calls to customer service.  I instructed her to write to the lender citing RESPA,  send it certified mail (so you have proof that they received it) and sure enough she not only got answers to her question, but her escrow account was finally fixed to her satisfaction.  It took less than 30 days for this to happen.

At the RESPA site linked above there is information on how to write a letter to your mortgage servicer and also states your rights under the RESPA laws.
~Kris Wales~ A partner for your real estate needs in Macomb County MI
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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.