Planning to Retire Soon!

If you are planning to retire in the Philippines soon, I suggest you visit several excellent websites on pro's and cons of retiring in the Philippines. However if you want to retire in the provinces, where life is simple, standard of living cheaper, less traffic congestion and pollution, availability of fresh seafood and vegetables compared to the big cities, my island province is the place for you! If this is your first time in my site, welcome. Please do not forget to read the latest national and international news in the right side bar of this blog. Some of the photos and videos on this site, I do not own. However, I have no intention on the infringement of your copyrights. The photo above is the front yard of Chateau Du Mer-Our Retirement Home in Boac, Marinduque, Philippines

Thursday, July 3, 2014

Consumer's Complaints Against Banks and Mortgage Lenders


Last month while I was thinking of refinancing my home mortgage loan, I received numerous calls from several mortgage lenders and 3 major banks personnel convincing me to do business with them. My first action was to go on-line and check for complaints on the specific mortgage lender and banks. My research showed some shocking results, showing that my current lender ( who just recently took over my mortgage) has numerous complaints. There is even a current Facebook page with the title " Name of Mortgage Company Sucks" followed with the subtitle stating it is an EVIL mortgage company. In addition the major bank where I have my checking account showed also numerous complaints from mortgage consumers primarily based on their past acquisition of now a defunct mortgage lender.

I was so apprehensive on what my current lender would do to my account when just recently my payment via electronic bill payment was credited to a wrong account and therefore I received a letter that my account was past due and charging me interest.

However my bank statement showed that my two mortgage payments have been paid and received by my new lender (after my old mortgage lender sold it to my current lender only last April).

Luckily after talking to a supervisor, my two payments were finally credited to my account after about 2 weeks of calling and sending the required information demanded by my new lender which to me was not necessary, because I gave them the account number where my payment was wrongly sent.

Do you have a complaint with your mortgage company or loan servicer? Lots of people do, and thousands of them have been turning to a Federal complaint hotline for action — or at least a quick response from the lender.. Call 855-411-2372

The Consumer Financial Protection Bureau (CFPB) opened up its bulging online complaint hotline files to public view last year, and the contents are startling: Though the CFPB’s complaint window is open to various financial disputes — credit cards, student loans, credit reporting agencies, bank loans to consumers — by far the biggest source of complaints is home mortgages. Nearly half of all disputes reported to the agency by consumers are mortgage-related — problems with payments, escrow accounts, servicing, Federal Housing Administration and conventional loans, home equity lines, second mortgages, reverse mortgages, loan modification delays, application foul-ups and the like.

If you have a complaint you can also report it on the website below:

http://www.consumerfinance.gov/complaint/

In addition if you feel that you have been the victim of a discriminatory lending transaction, you can file a complaint with the Federal Trade Commission (FTC) by calling 1-877-FTC-HELP (1-877-382-4357) or by using their Online Complaint Assistant. The FTC has enforcement authority in the case of mortgage companies for the following laws:

Equal Credit Opportunity Act (ECOA)
Truth in Lending Act
Fair Credit Reporting Act

You may also use the following resources to file a complaint:

Consumer Financial Protection Bureau (CFPB)
State/local consumer protection agencies

Foreclosure Scams

If you feel you are the victim of a foreclosure scam, you may contact the HOPE NOW Alliance at 1-888-995-HOPE (1-888-995-4673) or (TTY). Call 1-877-304-9709, for more information on how to lodge your complaint.

Predatory Lending

Getting the right mortgage can be difficult. For instance, consumers can become victims of predatory lending, which is the practice of convincing borrowers to agree to unfair and/or unprincipled loan terms. Federal and state governments enact many laws to prevent predatory lending. You may wish to view local information on predatory lending from the Department of Housing and Urban Development (HUD).

Reference:http://1.usa.gov/179ptsw

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