You probably regularly check the performance of your stocks.
Your blood pressure.
Your credit report.
Your bank balance.
Your team’s standings.
Yet chances are, your home is your biggest investment and perhaps even the cornerstone of your retirement plan.
But you have no idea what lurks in the file of your mortgage lender or its servicer.
Where is the lender applying your payments? To principal and interest? To fees? Or is the money held in suspense?
Does the monthly mortgage statement you see match the records on the servicer’s computer? You would assume so, but assume at your peril.
Got a mortgage modification? Who knows what the lender’s records look like. A client recently asked for a loan payoff and the response was off by $127,000! [Read more…]