When attempting to acquire information from a lender or servicing company, borrowers 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 questions 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 arguments that borrowers may have with a creditor, including amounts 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 days that payments were made, as well as the amount the lender claims it receives. Also requested could be a breakdown of how the payment was distributed, whether to principal, interest, taxes, property insurance, late fees, suspense accounts, or any other charges.
For homeowners facing foreclosure, a breakdown of all charges and fees on the account could be disputed, for which a QWR may be appropriate. Borrowers could request that all of the arrears and charges relating to the foreclosure be itemized and justified by the servicing company. This can be an especially hard request for the bank to fulfill, as many often just make numbers up for delinquent accounts.
Any change in the monthly payment should also be carefully examined and disputed if the homeowners did not specifically agree to it. Even if they did, if the amount does not look agreeable, it may be worth disputing and having the servicer check into the loan. Homeowners can request the mortgage company to explain how the new amount due was calculated and why it was increased.
As with any foreclosure arrangement, 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 comprehensive list of QWR questions at all. Homeowners will inevitably run into their own problems when attempting to stop foreclosure, and they will be able to craft their own Qualified Written Request letter to the servicing company in order to attempt to resolve any disputes.
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Nick publishes daily articles on the ForeclosureFish website, which aims to educate homeowners on how they can avoid foreclosure while they still have time and resources available. Visit the site today to learn more about saving a home and recovering from a financial hardship, and download an e-book explaining the basics of the foreclosure process: http://www.foreclosurefish.com
