When attempting to receive information from a lender or servicing company, owners can take advantage of their legal opportunities under the Real Estate Settlement Procedures Act to send a Qualified Written Request (QWR). A QWR is meant to help homeowners raise disputes with their mortgage servicer and have those issues fixed in a timely manner.
Homeowners, however, may not know what things to ask of the lender, or why they are requesting certain documents or forms relating to the loan and its servicing. Most questions revolve around various disputes that borrowers may have with a creditor, including balance owed, dates when payments were made, and the nature of the relationship between the company getting
receiving collecting payments and the true owner of the loan.
For instance, owners may wish to request a complete payment history including the times that payments were made, as well as the amount the lender claims it received. Also requested could be a breakdown of how the payment was disbursed, whether to principal, interest, taxes, property insurance, late fees, suspense accounts, or any other fees.
For homeowners facing foreclosure, a list of all charges and fees on the account could be disputed, for which a QWR may be necessary. Borrowers could request that all of the arrears and payments relating to the foreclosure be itemized and justified by the servicing company. This can be an especially demanding request for the bank to fulfill, as many often just make numbers up for late accounts.
Any change in the monthly payment should also be carefully looked at and disputed if the homeowners did not specifically agree to it. Even if they did, if the amount does not look correct, it may be worth disputing and having the servicer check into the account. Homeowners can request the financial institution to explain how the new amount due was calculated and why it was increased.
As with any foreclosure case, there will be a whole range of issues that are specific just to that singular case. Thus, the issues described above should not be taken as an full list of QWR questions at all. Homeowners will inevitably run into their own issues when attempting to stop foreclosure, and they will be able to create their own Qualified Written Request letter to the servicing company in order to attempt to resolve any problems.
Author Resource:-
Nick publishes articles on the ForeclosureFish website to provide foreclosure help and advice to homeowners in need of assistance. The site describes numerous ways to save a home, including deed in lieu, filing bankruptcy, short sales, fighting foreclosure in court, and more. Visit the site for an e-book explaining the basics of foreclosure and how to stop the process: http://www.foreclosurefish.com/
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