Mtg. service co’s error on credit report kills deal. - Posted by Rolfe K / Mpls.
Posted by Rolfe K / Mpls. on March 31, 2000 at 12:59:46:
I’m MAD as heck and I’m…I’m…uh, er, I’m writing this!
Two mortgages I have on REI’s were transferred to a new mortgage servicing company - Temple-Inland Mortgage Corporation. The company sent us information about the transfer, and said “send payments to this address”. Later in the month, we notice the checks have not been cashed, and we get a call from TI. “Hey”, says they, “we have not received your mtg. payment”! We told them we had sent two payments, which they had no record of.
TI told us to stop payment on the checks, and to send a replacement payment to a different address. We did so. A couple of days later, we received a letter from TI saying two of our mortgages are 60 days late on payments, the reason being the checks were declined due to the stop payment of two checks, and checks for the next payment had not been received. Of course, the very same company had told us to send payment to a different address, which we did. The letter also stated TI had submitted a report to all credit reportiong agencies. Thanks, morons.
At the same time, I was working on a great financing package. The lender pulled a credit report, which showed the nonpayment on two mortgages. I explained, lender agreed it was TI’s error, TI’ sent a letter. Doesn’t matter. We have to clean up the credit report. And our deal is dead until we do so. The credit reporting companies tell us to expect take 30 - 60 days to take care of the matter. The credit reporting companies provided the worst customer service I have ever encountered.
In this business, 30-60 days can be a liftime. The properties I was after have sold. That deal is gone.
I feel like a small fish. Rolfe