“Ask Your Mortgage
The New Normal
In a society where shortcuts and literally no accountability
have become the accepted and expected practice in almost every industry, we are coming unraveled as a nation.
The latest in a long line of problems, the foreclosure crisis just keeps getting bigger.
A definition of a crisis is
different for everyone. However, many do not reach the level of crisis until they feel it
personally. While many are feeling the financial crunch, many
are still making their mortgage payments and have not paid too much attention to all the foreclosures.
So why do I mention this? Well the foreclosure crisis has now reached a completely new
level. However, locally our housing market has been
stable; although we have foreclosures, it is not nearly as bad as other areas of the country. Until now, these other states and their foreclosures have not had a direct
impact on our local housing market, but with the latest developments and the questions concerning the
foreclosure practices in many of these states that have experienced extremely high foreclosures, may cause us
to see some changes in the way things are done in the future.
So what can you
do? Take a few steps to protect yourself in the event you have a
dispute with your lender and or servicer of your mortgage.
Documentation! Documentation! Documentation! Make sure to make
copies of everything that you send to your lender. Make
notes of all your phone conversations, with dates times and the names of the people you spoke with on the
phone. Follow up with a certified registered return receipt
response to all requests from your lender. You need proof they
actually received the documents that you have sent. Even if you
fax, follow up with the same items in the mail with the return receipt indicating they actually have received
the requested information.
Remember it is your responsibly
to make sure your mortgage payments are made on time and to the correct lender and or servicer. This means if your mortgage is sold or transferred to another servicer; first
verify with your current servicer that your loan is being transferred. You will be sent a letter indicating your loan is being sold or transferred,
but you should call to follow up and verify the details. (The first
letter may indicate your current servicer as well as your new servicer’s information). You may also get a letter from the new servicer and you should call and follow
up with them making sure to get payment information in the event you do not get your payment coupons on
time. You are the only one responsible and accountable for making
the payment. So be pro-active in this matter. If you are on auto-pay or auto-debit, make sure to cancel the payment to the
old servicer and set up the payment to the new servicer. If you
find your payments are not automatically being paid, you need to follow up. Missing a payment is your problem not the lender or your
If you have questions or comments please email them
today at 573-302-0600
Andrew W. Conner NMLS # 245474
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