Time to do an annual checkup on your Mortgage Payments
Just as seeing the Dentist for annual or semi-annual checkups to make sure you are brushing properly to prevent cavities, it is necessary to check up on your Mortgage Servicer to make sure your monthly mortgage payments are applied correctly to prevent costly surprises.
How can up ‘check’ up on your servicer? There is a new tool, a quick and easy letter, called a “Request for Information” letter. For a template please visit this link.
Be sure and include your name, property address and mortgage account number on your letter and send to the address for ‘information requests’. This address is usually on your monthly mortgage statement or you can call your servicer for the address.
The information request is for
- What is the payoff balance of your loan?
- What is the principal balance of your loan?
- What fees, expenses or charges have been added to your loan?
- Is any money held in suspense?
- How has your servicer applied your payments?
The Servicer must acknowledge receipt of your request within 5 business days.
The Services must provide responses within 30 business days.