|New Mortgage Man|
I was compelled to send off two (count them, two!) mortgage payments to this new mortgage holder to cover THEIR potential losses after having bought the portfolio of my previous and now bankrupt mortgage holder. Huh? Yup.
Allow me to explain. As I'm sure you know, mortgage companies trade/buy portfolios all the time, like baseball cards. They prefer packages containing people in GOOD credit standing. Who doesn't? And, they also take chances on purchasing portfolios of other mortgage companies who go bankrupt, as in my situation, two years ago.
The bankruptcy court froze all funds, including customers' payments. New company is told by HUD they cannot assess late fees or report 'missing' customer payments to the credit bureau as unpaid for a two-year period. They will be sent all monies when hearing takes place and funds are unfrozen. I have never missed a payment as it was paid automatically on the first of the month, until I decided to use the accelerated payment program, which then put me 1/2 a mortgage payment AHEAD to make sure there would be enough money for the next payment due.
The final payment was not forwarded to the bankrupt mortgage company but was sent directly to me, immediately endorsed and forwarded to the new company with a letter directing them to apply it as payment for the transition month's payment. Even though the check shows both my endorsement and my loan account number and their deposit stamp on the back of the check, they don't know where they put it! So, until they can find out where it is, on their books, my account shows a missing payment!
I received a stern letter this month saying the moratorium has been lifted and, if I don't send them the 'missing' payments (the transition one and the other still frozen by the bankruptcy court), they were now going to have to report me (against their will, I am sure) to the credit bureaus as behind on my payments because they don't actually have the physical funds in their hands. So, to get myself current and not be reported to the credit bureau, I should send them a check. They can't help it, the moratorium has been lifted, and they now can not only report to the credit bureau but also assess late fees. If I send them the money, that will bring me current on their books and, when they get the money from the bankruptcy court, they will apply it to my note AND I WILL BE AHEAD and won't have to worry, anymore. Huh? This shouldn't be my problem to worry about, at all.
But, suffice to say, I am worried and don't want a bad credit report. So I, in fact, have felt coerced into sending them two additional mortgage payments to cover their potential investment loss while waiting for the bankruptcy court's hearing and release of customer' funds -- at which time, they have promised I will then be given the choice of either having these monies returned directly to me or applied to my mortgage, thereby making me two (2) payments ahead! Bottom line, I think they're dabbling in the dark side of blackmail, or, at least, a mini-bailout. What do you think?