Servis One Complaint

Servis One, Inc. Mortgage department,

Home equity loan or line of credit Loan servicing, payments, escrow account California

We had a loan modification put in place -/-/- that expired -/-/-. -/-/- - - - and the lender determined the monthly payment of $1500.00 and the term ending in -/-/-. This was not a re-modification but the remaining loan conditions. A transfer of loan servicing companies occurred during -/-/- with payments due to the new company, BSI Financial Services, in -/-/-. Timely payments have been made with the old servicing company as well as the new servicing company with all terms staying the same. As of today 's date, no -/-/- statement is available ( usually mailed and nothing is online ). To our shock, the online account information shows the -/-/- payment due of $5200.00. Why and how can a new loan servicing company just change the payment? Do we have to wonder if we can stay in our home every time a new servicing company is hired?

our payment without notice, without a statement, without a reason, and besides all of that, about a 16 % interest rate. Notices from both servicing companies that announced a new Servicer will be collecting the loan payment state " Nothing else about the mortgage loan will change. '' Per BSI Financial Services, we can not make our normal payment of $1500.00 because it will only be put into the " unapplied funds '' account. Only $5200.00 will be accepted. So we not only have an invalid ridiculous payment change but now our good record and credit are in jeopardy since we can not make our valid mortgage payment. As - - barely making ends meet, we do not need this duress and stress. There is absolutely no reason for the new servicing company, BSI Financial Services, to change our loan terms, and even if we were n't seniors, this is outrageous.