Savings made easy
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#1 Feb 4, 2008
I agree that consumers need to take control of their finances as well as track and verify how their mortgage payments are applied.
The FTC says we must actively monitor our mortgage statements -but the problem is, many of us do not have access to a monthly statement.
Unfortunately, many mortgage servicing companies do not provide monthly statements nor do they have access to mortgage accounts online. In fact many of the sub prime companies don't do so -and that practice has led to many borrowers being unaware that payments were not applied -especially whtn loan was sold. Without the aid of a monthly statement -we are forced to blindly trust our payments are applied accurately -and fraud free!
Without viewing a monthly accounting of our payments that often include escrows as well as extra principal payments,-how can innocent families detect fraudulent activity or simple- yet costly errors? Commonsense and logic tell us us that responsible lenders & servicing companies should support this measure, as they continually claim that borrowers are responsible for their account handling.
Informed borrowers can easily detect or deter fraud and/or costly accounting errors -before problems turn costly to all later.
Please see our Petition aimed at allowing borrowers the right to a monthly statement allowing us to verify and track our monthly payments -located on my website at givemebackmycredit.com and read informative articles at msfraud.org
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