Foreclosure Tales from New Jersey: Quicken Loans Mortgage Fraud continues in 2016
Quicken Loans Mortgage Fraud continues in 2016 thanks to Quicken Loans Detroit Nationwide
Despite all the changes that have been made to the mortgage industry some of these lenders are back at unscrupulous practices!
I am the owner of a property located in Bayonee, NJ. I am 100% up to date on my mortgage payments and have never been late but on June 7, 2016, I received an email from Quicken Loans that they were increasing my mortgage payment. in one month, my mortgage payment increased from $3,846.84 to $7,042.69. Despite making all of my payments in full, Quicken Loans claims that my escrow account has a deficit of $22,682.17 and that this deficit has accrued over the course of one year. This does not make sense because the taxes on my home are $18,087.17 and my insurance is $1,084. How is it possible that I can have a deficit that is more than the taxes and insurance that I owe in that one year?
Additionally, I have always made my mortgage payment in full and money has been going into my escrow account. What happened to that money? It was $11,422.80. It seems like this money has just disappeared. I cannot make the new mortgage payment of over $7k per month and am now faced with losing my home, despite the fact that I have never missed a payment. Quicken Loans business practices need to be investigated and exposed. If this could happen to me, this could happen to anyone. They just doubled my mortgage payment overnight. It shouldn’t be legal to raise a mortgage payment so significantly in one month and force people out of their homes.
Shame on Quicken Loans and the fact that they are still using the same business practices that caused the financial crisis. Quicken should pay any deficit that they claim is in my account because their unscrupulous business practices are what caused the so-called deficit. Quicken should work with me to gradually increase the payment, if necessary, and should not make such huge increases to my mortgage payment overnight. I wasn’t even given 30 days notice that my mortgage payment is doubling and now I am facing the possibility of foreclosure and ruining my good name and credit (I have a credit score of over 800). How is this possible, when I never missed a payment?!
SOURCE: Ripoff Report
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