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Report: #266024

Complaint Review: Popular Mortgage Servicing - Equity One - Cherry Hill New Jersey

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  • Reported By: Bloomfield Hills Michigan
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  • Popular Mortgage Servicing - Equity One 121 Woodcrest Road Cherry Hill, New Jersey U.S.A.

Popular Mortgage Servicing - Equity One Misapplied payment, withholds information about servicing provisions such as PMI removal ripoff Cherry Hill New Jersey

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I have closed on my mortgage on July 13 2007, and then I found out that on July 12 2007 it was sold to Popular Mortgage Servicing.

My loan required PMI. I asked what the condition of removal would be, and I was told that I should have 20% of equity in my house. My loan was with 10% down from the purchase price. I sent my payment to them in the amount of another 10% of the purchase price, and they received it on July 23 of 2007. I prepaid my interest for the prorated portion of the fist month, so there was not interest accumulated yet on my account. The firs thing they did - they applied my pmt as though I was paying several month in advance, not applying it equity at all.

I called and they corrected it. Then I had 80% of LTV. I asked them to remove PMI. Several representatives told me that I can remove it and they will send a request and call me back as soon as they hear a response (5 of them). 2 weeks later I still did not have even one to call me back. I called again, and they told me that in order to remove PMI, I have to pay at lease 20% of Loan amount, not Loan to value. THat was new. So I requested written explanation of the conditions to remove PMI. But they company is ignoring me.

I know that it is a violation that they don't send me the information. I want to send the money to pay 20% of the loan, but I don't want them to come up with another condition, so I need my rights in written form. The supervisor was rude on the phone and I still don't have my written explanation on how I can remove PMI.

Anastasia
Bloomfield Hills, Michigan
U.S.A.

This report was posted on Ripoff Report on 08/08/2007 06:47 AM and is a permanent record located here: https://www.ripoffreport.com/reports/popular-mortgage-servicing-equity-one/cherry-hill-new-jersey-08003/popular-mortgage-servicing-equity-one-misapplied-payment-withholds-information-about-se-266024. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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