The First and Most Important Step When Payment is Overdue
Pursuant to federal law, a borrower may request from a mortgage lender, information as to whether the mortgage was assigned. This means that the lender who you borrowed money from sold off (or assigned as the legal term is used), your loan to another bank who now services (or collects your mortgage payments) on your loan.
As a borrower, you are entitled to question the proper amount you owe. Most people think that just because it is done by computer, there are no mistakes. A “Qualified Written Request” (QWR) must be sent to the servicers address copied from beginning letters of delinquency or from the mortgage statement. If any doubt, send a copy to everyone, signed by all borrowers and keep a copy.
The servicer is required by law to write back to you in 20 days that they have received your letter and within 60 days to properly answer. There are more than 10 items you can request and please call our office if you wish us to represent you and for the defense of any legal action.
It is generally estimated that it now takes approximately one year from initial notice to Sheriff Sale in New Jersey if the borrower does absolutely nothing, but if the borrower contests it by submitting a legal defense, it is at least over two years for the banks to get you out of the house.