• Report: #1018161

Complaint Review: PHH Mortgage

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  • Submitted: Thu, February 21, 2013
  • Updated: Sat, February 23, 2013

  • Reported By: SDH — BLOUNTSVILLE Alabama United States of America
PHH Mortgage
Internet, New Jersey United States of America

PHH Mortgage INCOMPETENT OR DELIBERATELY DISHONEST. PROBLEMS WITH ESCROW AND FRAUDULENT REPORTS TO CREDIT BUREAUS Internet, New Jersey

*Consumer Comment: You messed up your credit

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We refinanced with PHH 4 years ago.  I should have checked with the BBB first.  I had never had a mortgage with an escrow account before, but was told this was the only way to obtain a loan with them.  My taxes are below $300 yr, and my insurance is $1,000.  I have almost $500 in escrow, yet my escrow payment is almost $200/month??? 

They have also permanently ruined our credit.  Our payments are around  $600-$650 (who knows with them, it constantly changes even though I specifically told the person handling the loan that I needed a SPECIFIC monthly payment.)  We were late with our January payment, 1st time ever to be over 30 days late.  I do understand that a 30 day late can be reported, however, they put that we owed $1300 making it appear we are 2 payments behind.  When I made the Jan payment its my understanding they are supposed to rectify the report to show that it has been paid.  Every time I ask for this to be rectified I get "its on there because you were late."  I GET THAT!  We were over 30 late ONE time, paid it, and it is still on there that we owe it.    (In the amount of $1300 btw)

Ironically, after insisting that they HAD to pay our insurance, they let it lapse.  A couple months ago my agent called and asked if we had changed mortgage companies, as they hadn't received payment.  I email PHH...no answer.  My ins co did mail me a" reinstated" so I guess they took care of it.

And do not believe the "having trouble making payments? we can help!" b.s.  I called to see if we could change our payment due date and the answer was "no."  (At least I think it was "no"...not sure what country went to)

This report was posted on Ripoff Report on 02/21/2013 03:13 PM and is a permanent record located here: http://www.ripoffreport.com/r/PHH-Mortgage/Internet-New-Jersey-/PHH-Mortgage-INCOMPETENT-OR-DELIBERATELY-DISHONEST-PROBLEMS-WITH-ESCROW-AND-FRAUDULENT-1018161. 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 Comment

You messed up your credit

AUTHOR: gingerswag - (United States of America)

#1. YOU messed up your own credit by being over 30 days late on your mortgage payment not them. #2. Just because you subsequently paid does not mean that the 30 day late goes away. Simply that you are up to date now (if you are). So you got poor information if you thought they could or would remove the 30 day mortgage late just because you paid it. That will typically go away after two years of timely payments but could affect your score for as long as 3 years or as little as 9 months. #3. If you happened to make the January payment after the 15th of February then that payment is late too and can and would be added to the other amount owed when reported to credit bureaus. #4. Fraud is a serious charge especially when making a false accusation. #5. The having trouble making payments refers to other loan programs, forbearance, etc. not changing your payment due date. The vast majority of mortgages are due on the 1st of the month as it makes it easier for servicing purposes and so most companies will not move that date. (It's not like a credit card or other bill.) #6. The extra payment amount collected for escrow are what are known as reserves. This is so your taxes and insurance can be paid even in the event that your premium goes up, taxes go up, or, I don't know, you're late with a payment...if they wind up holding back too much it is adjusted each year and you'll get a check back. #7. The ONLY way a mortgage payment would change month to month is if you make your payment after the 15th (late fee), paying online after the 1st (processing fee), or you're in an ARM program that recalculated every month (VERY rare) and you would have known that up front. Sounds to me like someone is getting hit with monthly late fees for paying after the 15th...

So all in all you need to do some more research and understand mortgages better before accusing a company of fraud as it sounds like all of these issues are of your own making...
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