Residential Credit Solutions Mortgage Complaint

Residential Credit Solutions Mortgage department,

FHA mortgage Loan servicing, payments, escrow account Florida

Unfortunately, we have been paying Residential Credit Solutions Private Mortgage Insurance to the tune of $250.00 / month for nearly - years, even though our house meets the requirements to remove it. The reason we have PMI in the - place, is that my wife & I got buried in our house ( at that time ) in -, which we bought at the top of the market in -, -. That + relocating cross country to - + switching jobs to be closer to family put us in a financial bind which we 've worked hard to dig out of. So, we did not have the 20 % down payment to put down on our current redidence in -. We purchased our current home - -, -. Both my wife & I have excellent credit. We were overjoyed to discover how the values in our neighborhood have sky-rocketed ( due in part to a brand new - school ), but were told by R.C.S that we had to wait until we were in our home for - years ( - -, - ) before we could apply to lose the P.M.I. So, we did. I never thought I 'd


now ). We paid $470.00 to have an appraisal done, and then the R.C.S run-around '' started in earnest. Our house, after a - errors ( including choice of comparables & year it was built, which triggered at least - unsuitable comp ) was appraised at $290000.00. All we needed was an appraisal in the low - 's to remove P.M.I completely. Had we not lost a small fortune with our house in - and were we not shouldering the P.M.I to the tune of $250.00 / month, his - appraisal might have been good news. But our realtor quickly produced - comps averaging '' $320000.00, which I forwarded to R.C.S. Then the exact same model home as ours, built a year apart from ours, located less than - block away ... sold for $330000.00 ... a full $45000.00 more than the R.C.S appraiser appraised our house for! The appraiser, - -, told me that he 'd gladly reconsider with the new comps, but we needed to go through -. When I followed up with him over a month after I 'd re-submitted them to R.C.S, he told me he never even received the ( more accurate ) comps from R.C.S! Now R.C.S reps say that we have to pay another $ - to have yet another appraisal done. Whatever happened to owning up to one 's own work ... or even mistakes ''?! - of their managers, - - - - - -, indicated to my wife that she would work with us ( over a month ago ) so we rushed down to the - store and paid to have the ( accurate ) comps faxed to her personally ( even though R.C.S had had them since - -! But we believed her. Then ... no word at all from - - ... no return calls ... no response to several messages. I 'm embarrassed as to how mad I 've gotten talking to some of their representatives. All we want is a fair appraisal ( which we 've already paid more than market rate for ) so we can write R.C.S a check ( if need be ) to meet the remaining '' required 80 % loan to value ratio, and to end our savings account being hit for $250.00 every month ( for nothing ).