Dusputed Payment proceedures??

[JimE]

I have an adjustable rate mortgage with Bank of America. Last May they sent me notice that in July my payment was changing from $835 to $ 860. In June I sent my payment and was sent back a letter saying "we got your $835 payment, but it *was* supposed to be $945. Of course I questioned this (including a copy of the rate change notice), they never responded! I continued to send the payments indicated on the rate review notice. In Aug. I got another letter from them saying that they had gotten my 860 payment, but it was supposed to be 945. Again I wrote questioning them-Why?, for how long? why wasn't I notified in advance this would be due? etc. Again no answer. Recently, I got a 3rd similar letter. This time I sent a letter not only to the processing center, but also to the office of the CEO. If I receive no answer this time I will be filing a complaint with the Office of the Controller of the Currency.
My question is this: is there a reference to the proper way to handle disputed payments? eg, continue paying the undisputed portion pending resolution?
Particular interest would be Title 12 references.
(Oh yes I'm in Calif., they are in Va.)
THANKS to all.

Jim

[Edited by JimE on 11-30-2000 at 05:34 PM]

 

[lawrat]

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

One thing: don't ever mention specific names on this board, please.

To your problem: if they attempt this it may something like a usury -- illegal interest rate, etc.


So....it may fall under fair debt collection act

Try this site:
http://caselaw.lp.findlaw.com/casecode/uscodes/15/chapters/41/subchapters/v/toc.html

And here is Title 12
http://caselaw.lp.findlaw.com/casecode/uscodes/12/toc.html