BMO Harris Mortgage Complaint

BMO Harris Mortgage department,

Conventional adjustable mortgage (ARM) Loan servicing, payments, escrow account Wisconsin

We have a first mortgage with BMO Harris bank. This mortgage was first issued in -/-/-, and was acquired by BMO Harris bank through a series a bank mergers and acquisitions. As a side issue, my wife and I filed for bankruptcy in -/-/-. We did not reaffirm the mortgage debt, but continued to make timely payments as our intention was to keep the property. Shortly after BMO Harris acquired our mortgage, they stopped sending us monthly mortgage statements. Because it is an adjustable rate mortgage with property taxes escrowed, the monthly amount due changes frequently, at least twice a year. We do not receive any notice of these changing amounts due. As a result, at times we continued to pay an older amount due that was no longer sufficient to cover the entire amount due.


Needless to say, this soon results in a mortgage payment that is 30 days past due. BMO Harris is prompt on reporting the past due status of the account to the credit unions, before even giving us a chance to make up the shortfall. They also add on numerous late fees and penalties, again without notifying us of the existence of these fees and penalties, which increases the shortfall in the subsequent months. Over the last several years, we have made numerous requests, both by phone and in person, to have monthly mortgage statements again sent on a regular basis. BMO Harris has never complied with these requests, and has never provided an explanation for why they refuse provide monthly statements. It is unconscionable for a large bank such at BMO Harris to deliberately refuse to provide regular statements of the amounts that are due to avoid late fees, penalties, and adverse credit reports, yet promptly send adverse credit reports to the credit bureaus. The adverse credit reports have had a direct and negative effect on our financial dealing, more recently resulting a car loan being obtained at a much higher interest rate than was initially offered.