A lot of times mortgage horror stories are 100 percent the fault of the lending institutions as in this case….
At the ripe old age of 40, my husband and I bought our first home one year ago. Having heard so many horror stories prior to our purchase, we were very surprised at the ease in which every thing went during our application and closure. We had to take out a second mortgage with our financial institution, however, to pay for incidentals at closing. We ended up with two loans, one (the smaller of the two) was automatic withdrawal and the other was a mail-in payment.
After six months, I was horror-stricken when I received a certified letter stating my home and land would be put up for auction in the near future for my failure to pay three months of house payments! After pulling myself off of the floor, I managed to calm myself down long enough to call our esteemed bank. A nice young lady laughed and said, yes, our payment had not been received for three months, but the problem was with the bank. They had inadvertently applied our major mortgage payments to the second mortgage AFTER SIX MONTHS OF PAYING IT CORRECTLY! I was livid! The best part? The young lady indicated that it happens all the time and it was just a little glitch … and it was usually funny (how it turned out) Funny!?! I practically had to call 911 when I got that notice! This happened five months ago and my credit is screwed up. The bank s (explanation) is It s just a little glitch.
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