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I have an issue I think.

Old 05-27-2018, 10:45 AM
  #1  
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Default I have an issue I think.

Hi all, I have what I think is an issue around a mortgage. I originally purchased my house threw a bank that collapsed during the bubble bust. My mortgage went in limbo for a while until they put it in another bank. This bank claimed to be acting like a collection agency trying to recoup the loan money. I discussed my displeasure with them. I really didnít want to put my family and everything in limbo so I continued to pay it. My question is can they legally charge interest or late payment fees acting as a collection agency? My loan was never delinquent except during my time out from work for my illness. Then it only fell behind a month and a half. They threatened to take it back then even. I also wonder how it was under a collection agency when the bank that went under broke our contract when it went bankrupt. So could another bank just be given a loan after the bank broke the contracted agreement? Anyway I will have it paid off completely on Friday and that was after arguing over extra money that was pumped in to cut the principal down. They tried to use it all as payments and extend the length of my loan. Like I first stated I never liked doing business with the bank it is in. But maybe someone has or is dealing with the same thing or something similar. Thank You everyone..

Last edited by Phil from Maine; 05-27-2018 at 10:47 AM.
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Old 05-27-2018, 12:36 PM
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Your mortgage was probably sold to the other bank during bankruptcy precedings. At first the courts gave it the authority to collect when the first bank was unable to. That is the only Holiday Inn sleep advice I can give.
Every state has a regulatory agency that oversees issues that consumers have. Check with them or an attorney, the state agency will not cost you a penny but an attorney will want some cash.
Good luck.
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Old 05-27-2018, 06:19 PM
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Things like this is why I am glad I qualify for VA housing loans. Since the Govt guarantees the loan if something happens to the original bank the loan has to be given to another VA approved bank. Shady crap like this can't happen. By the way, allowing the selling mortgages like commodities, is one of the things that happened when Slick Willy repealed the Glass Steagall Act without congressional involvement in his last month in office. Just sayin'.
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Old 05-28-2018, 02:40 AM
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Flags, I bought my home in 1976, in the time I had my mortgage it was sold twice to other banks, the first time 2 years after I had it. However it wasn't because of bank failures.
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Old 05-28-2018, 03:29 AM
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Originally Posted by Oldtimr View Post
Flags, I bought my home in 1976, in the time I had my mortgage it was sold twice to other banks, the first time 2 years after I had it. However it wasn't because of bank failures.
Yes but the banks weren't allowed to do the BS they were doing to Phil were they? Glass Steagall had some protections in it that went away when Slick Willy repealed it and this allowed the banks to act rather "shady."
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Old 05-28-2018, 03:34 AM
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Obviously, I can't give you any legal advice and I'm not going to do that. I'm just going to pass on some information.

A loan is an asset of the lender and if the lender goes belly-up the loans will be sold to another entity. If you continued making payments according to the terms of the loan, you should have had no problems. Of course, at some point you would have been notified to make your payments to some other entity. If you feel you have been damaged to a substantial degree, you should contact a lawyer and discuss your problem with him/her. You will have to try to balance what you might hope to recover against the costs you will incur.
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Old 05-28-2018, 03:59 AM
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Exactly Oldtimr, my loan was sold twice but went under the same banking branches. But, in the situation I am referring to the bank went under. I understand that they may have been forced to sell its assets just like any company would end up doing. But I am not so sure that when a bank is acting like a collection agency if they can add the interest or late fees. My loan was never delinquent. When I put extra money on my payments or even make more than 1 payment in a month they turn and try to use it as extra monthly payments. That got me ticked off once I found out what they were doing. They were just adding on my loan like paying extra payments. Example: I pay $1,000 on a $600 payment and two weeks later pay another $1,000 only to find out that your June payment now is not due until August. This crap has me very upset with them. So anyway you call and ask them what are they trying to do. They give an answer like I had just stated. So you tell them it should be put on the principal not deferred payments. So this is what they are doing now instead. As another example: Because my loan had an escrow account for each $1,000 extra they will put $700 on the principal and $300 into the escrow.. But you will be getting a check sent to you for whatís in the escrow.. Now I have been paying extra so why didnít all the extra go on the principal? Yes I am very glad to pay this off and getting rid of this damn bank that is for sure!!!
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Old 05-28-2018, 04:38 AM
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Always a good thing to pay off a mortgage, a big monkey off your back.
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Old 05-28-2018, 10:13 AM
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"Slick Willy repealed the Glass Steagall Act without congressional involvement in his last month in office. Just sayin'. "

The repeal of the Glass-Steagall Act passed both houses by overwhelming margins. The repealing legislation was the Gramm-Leach Blilely Act.


https://www.govtrack.us/congress/bills/106/s900
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Old 05-28-2018, 11:37 AM
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I don''t see how they could add interest and late fees if you continued making timely payments. You DID continue making timely payments didn't you? I'm also puzzled by your statement that they "broke their contract with you." No contract would have been involved.
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