Resolving Mortgage Payment Problems

Countrywide Financial Corporation, the nation's largest mortgage company, has been in the news.  Customers have not only been losing their homes to foreclosure, the Better Business Bureau says many customers complained Countrywide was not giving them credit for their payments.  When a Gaffney woman contacted us citing that problem, Seven On Your Side stepped in and helped her save her house. 

Countrywide tells us it is taking measures to refinance borrowers at risk of losing their homes and resolving customer payment issues.  We'll show you what to do if any mortgage company does not acknowledge your payments in this Seven On Your Side Consumer Watch.

Michelle and Larry Wright have raised their daughter in their home.  Said Michelle Wright, "She's 9 and a half.  This is her home.  This is everything to me."

But Wright feared they were about to lose it.  Said Wright, "This is all I have and I don't want to lose it."

After missing a mortgage payment to Countrywide Home Loans two years ago during a family illness, Wright says she's been making payments on a repayment plan.  But she says some payments were not appearing on her itemized statements.  Said Wright, "We're still getting calls saying they haven't received our payment.  That is a debt collection agency and they don't want to hear we've already mailed you our payment."

Wright says she placed several calls to Countrywide, "They'll say 'You don't need to talk to me, you need to talk to this department,' and they keep switching me."

So she called Seven On Your Side and we called Countrywide.  A company spokesperson immediately researched Wright's account and tells us the mortgage is actually paid up to date.  The spokesperson says they believe there was a discrepancy in the Wrights' paperwork and they are working to straighten it out. 

The Wrights are relieved to know they are not at risk of losing the only house their daughter has called, "home."

The Better Business Bureau says Countrywide is resolving customer complaints about payment issues.

Countrywide sent us the attached statements saying the company is now calling borrowers at risk of default and working to refinance or modify their mortgages so they won't lose their homes.

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/10-23-2007/0004687465&EDATE

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/10-23-2007/0004688579&EDATE

If your payments are not being credited to your mortgage with any company, the Federal Trade Commission suggests sending the lender a certified letter, citing Section 6 of the Real Estate Settlement Procedures Act.   Lenders are required to respond within 60 business days.

You should also file complaints with the South Carolina Department of Consumer Affairs and the Better Business Bureau, which will contact the lender on your behalf to try to resolve the issue.