• Report: #246944

Complaint Review: America Servicing Company

  • Submitted: Fri, May 04, 2007
  • Updated: Fri, May 04, 2007

  • Reported By:Cortland New York
America Servicing Company
Po Box 10388 Des Monies, Idaho U.S.A.

America Servicing Company company forced Homeowners and flood insurance in my escrow account while both were paid in full by another company. ripoff Des Monies Idaho

*Consumer Suggestion: Foreclosure help/Suspense Not illegal

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company forced Homeowners and flood insurance in my escrow account while both were paid in full by another company. this of course bring my monthy payment up to where i could not afford it after finding out what they did i starting questioning the company back in Januaray of 2007 being transfered serveal times by this company and getting the run aroud my house is now in forcloser.

America servicing company also cash a five hundred and fifty dollar check i sent them back in January and did not put it towards the mortgage they put this money in a holding account this is illegal and this company should not be allowed to handle mortgages I am looking for a lawyer that could help me in this matter.

Cortland, New York

This report was posted on Ripoff Report on 05/04/2007 06:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/America-Servicing-Company/Des-Monies-Idaho-50306/America-Servicing-Company-company-forced-Homeowners-and-flood-insurance-in-my-escrow-accou-246944. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Suggestion

Foreclosure help/Suspense Not illegal

AUTHOR: Stephanie - (U.S.A.)

First and most important - please find a HUD approved foreclosure prevention counseling agency. You can do this either by searching www.hud.gov or looking on any late payment notices from your mortgage company, they give the HUD number where you can receive free counseling. A lawyer will want a large amount of money up front and most people in foreclosure do not need a lawyer. Foreclosure counselors are trained in foreclosure prevention and can explain exactly what you can do. Mortgage companies will work with you.

Unfortunately, Matthew, the mortgage company not applying your extra payment to the mortgage is not illegal.

Most companies have something called a suspense account (or unapplied funds or something similar). When you send a partial payment, they put this amount into your suspense, each time you send extra money they continue to put it in suspense until it reaches the amount of a full payment. Then they apply it.

Please also note, if you do send extra money to the mortgage company, you need to let them know where to apply it. Many have suspense accounts and some just put it in escrow.

Regarding the escrow. If your mortgage company pays the taxes/insurance (meaning you don't physically pay it on your own) they will escrow an amount to cover both throughout the year. If your mortgage has recently been sold to a new company, they will continue to collect escrow even if the original company has already paid the taxes/ins.

If they increase your escrow, this is normally because the taxes have increased. If you feel that the increase is too large, go to your local tax assesors office and get a print out of your taxes. It will normally show 2 years worth and you can see how much they have increased. This will help you figure out if the mortgage company's escrow increase is justified.

But my best advice for EVERYONE is please please please let the mortgage company pay your taxes and insurance. It may seem easier to pay just the mortgage monthly but then you have a huge amount of tax to pay at once. Also remember, if you fall behind on your taxes, they can foreclose on you also. Having it all escrowed is the safest bet for everyone!

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