FirstMerit Bank Mortgage Complaint

FirstMerit Bank Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Kansas

We refinanced our - mortgage in -. The remainder of our 20 % loan went to - bank, then was sold to First Merit sometime in -. We recieved monthly statements showing our payment amount, including an amount going to principal and interest. We continued on time payments until - -, at which time we sold our house. At that time, there was an issue at closing, when First Merit said we had an outstanding interest balance due of over $7700.00. Some time between - and today, they stare applying only a small portion of our monthly payment to interest and the rest to principal, and then we 're tallying up the remaining interest as something we owed behind the scenes. This was never disclosed to us on any bills, and since we knew that some amount was going to interest every month and that we were paying the mortgage down faster than expected, we did n't question whether the amount the bill showed as our interest due was accurate.


very different decisions had we any indication they were not honest in allocating the money we sent. We would like to know if we have any recourse. We do not feel we should be accountable to pay this amount. It was supposed to be a 30 year loan, and for at least the first year, the money was being applied to interest. What would have happened if we 'd reached the end of the loan term? We 're they planning to hit us with - dollars in unpaid interest and repossess our home?