how do I get the bank to disclose what the additional 45k is for?

4 Replies

I messed up....missed a few mortgage payments...then it snowballed....fee's, force placed insurance, unnecessary flood insurance....etc.

I was able to re-group....get a new job and get back on track.

After all the money I have paid on the mortgage I still owe almost 45k more than the original loan amount.

How can I get the bank to disclose what all the additional fee's, and expenses are?

I have tried to figure it out going back thru the statements....I have found an awful lot of lawyer fees....

Can I ask for actual copies of the lawyer invoices that they are charging me for?

Not trying to deny this is my fault...and I am very, very grateful that I still have my home...but It's a lot of money and I would like to see proof of the expenses.

Thanks,

Maria

Yes, they will send you a print out which will detail each and every fee since your payments stopped. They add up very quick, and things like the force placed insurance are often three to four times what you would have been paying for your own insurance. You can ask for the attorney invoices, but I'm sure they'll match. Much of that will also be accrued interest while no payments were being made and perhaps property taxes the bank had to pay.

Have you tried just calling and asking? I would think the statements would outline all the charges as they were incurred. Do they? Do they add up? Check your note and see if the charges that appear are consistent with what the note says.

Realize that even over the first five years of a 30 year mortgage the amount of principal paydown is very small. After five years you will still owe 90% of what you borrowed.

Forced place insurance is VERY expensive. They should have only put flood insurance in place if you were in a flood zone, so it would have been required in any case.

Late fees should be explicit and covered by your note. The insurance should be explicit, too. Attorneys may well be in-house attorneys with no explicit invoices, just some set fee. If they actually started the foreclosure process that gets really expensive, really fast. When I've looked at the filings here its not unusual to see $10K plus of fees on a $100K balance owed.

Wow...thanks so much for the quick replies! This has been a nightmare....I have a first and a second mortgage with the same bank. Lot's of duplicate certified letters, in and out of foreclosure several times on both mortgages...I would get one back on track then they would start with the other....

I have asked for a detailed itemized list several times....can't afford an attorney to help.

They have not used an in-house attorney....I am thinking that some one has to hold the attorney's accountable also...which is why I would like to see actual invoices.

If it has been sent to an attorney, then you should probably contact the attorney for an itemized statement.

You should also contact your lender/servicer and try to work out a re-payment plan.

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