Our friend Denise Richardson of givemebackmycredit.com has posted an article about how some homeowners are paying their mortgages, taxes, and insurance on time and wind up getting a foreclosure notice. One mortgage company, American Home Mortgage Servicing and other companies engaging in this are forcing the question to be raised: How is this allowed to happen and why isn’t anyone doing something to stop it?
Here’s an example of someone affected by this method of wrongful foreclosure:
Charles Smith says he is irate and at his wits end. He says he has never missed a mortgage payment yet he fears he could also lose his home because of delinquent taxes. Even though Smith has written proof from the county tax office that his taxes have been paid in full, he says his mortgage servicer set up an escrow account to cover the taxes. Then, the company nearly doubled his monthly payment.