| Bloomfield,
CT 06002 |
|
July
11 2005 |
| |
Is
your bank customer-friendly?
Some of the foul-ups that occur can be blamed on when a bank takes
over another bank. Sometimes the bank cannot integrate the
software of the bank it bought.
There are many horror stories where customers have paid their
monthly mortgage payments and have found that their banks have
foreclosed on their homes. Some banks claim that the customers
have sent their automatic payments to the wrong location.
My bank of 25 years turned over its mortgages to another bank.
Problems started when I sent a payment to the bank that took over
my mortgage. When I was told that my payment was not received, I
sent another check to cover it. The first bank that held my
mortgage always sent a statement to pay the next month's mortgage
payment. The take-over bank did not do that.
When I contacted the 800 number to get an explanation, I received
this message: "All of our sales representatives are busy.
Please wait for the next available representative. Thank you for
your patience."
This message would have been all right if I weren't waiting on the
line for one hour. I clocked myself. Consumers are at the mercy of
big business. They are helpless to fight the automated messages.
My letter to the president did get a response. Late charges were
dismissed.
Other problems can occur when you want a lower interest rate on a
home equity loan. I wanted an interest rate of 4.74 per cent.
I was told for my loan that I had excellent credit. But I was
approved at 6.25 percent. Why? The bank said I needed an employer
to qualify for the 4.74 percent loan.
Anyone over 65 years of age has a right to retire. When I went to
the bank, a customer service representative said: "Did you
get a job yet?"
It was suggested that I get a co-signer. I had investments at the
bank that doubled the size of the mortgage loan.
Many women are discriminated against in these transactions. They
should not give up. If they do, banks and other businesses will
treat them this way.
Sidestepping Snafus
If you have found that your mortgage is bought by another large
lender, follow these steps:
Stay with paper checks. During the integration of accounts, the
new bank may bungle electronic payments.
If you sent a payment to the old mortgage server, you still
have a 60-day grace period from when your loan was transferred.
During that time, you should not be charged a late fee or be
reported to a credit bureau.
You will get faster action on a complaint, if you write on your
letter: Qualified written request under Section 6 of the Real
Estate Settlement Procedures Act." The mortgage service has
60 business days to fix the problem or explain why not. If you do
not get a satisfactory response, write to the Department of
Housing and Urban Development RESPA Complaint Office at 451
Seventh St. S.W. Room 9146, Washington, D.C. 20410. |
| |
Cynthia
Bercowetz (consumreye@aol.com)
Author/Consumer Advocate
22 Oak Lane
Bloomfield, CT 06002
Phone : 860-243-2208 |
|