Did you take out a home mortgage that has since been sold or transferred to another company? Many financial institutions make loans and then sell them to other companies. Others hire outside "mortgage-servicing" firms to process monthly payments.
In either case, the borrower typically has to make monthly mortgage payments to a new company that he or she knows nothing about.
Thousands of consumers have complained that their new mortgage-servicing companies have miscalculated their impound-account payments, misplaced their checks, erroneously charged late-payment penalties or made other mistakes. Some consumers have even lost their homes as a result.
While most mortgage-servicers do their jobs professionally and accurately, a handful have been charged with being mere "boiler-room" operations designed to cheat homeowners out of thousands of dollars.