Mortgage papers right here in front of me say the 24th of the month.
The defination of a conventional loan is one where the interest is calculated for the month. Usually due on the first of the month & generally have a grace period. They usually have a late fee of 5% of the P&I or a set fee that the mortgage will state. .
Now a simple interest loan can have a due date on any day of the month- Interest is calculated daily- so a grace period would be impossible.
I am not a month behind in my payments. I follow these wolves like they were threatoning my child. (In a way they are) We have already gone through the split payments & suspense fund, the force place insurance & bogus fees. Multiple forebearance agreements (more than double payments) to pay these extra fees--never been behind in my P&I Payments---even according to their records, yet keep accruing many more thousands in fees. I send the payments certified funds via certified mail with a return signature each & every month so I have proof they recieved the payment prior to the due date. They still credit them late & I pay.
I have done some research & learned that it is impossible to have a conventional loan (due on the first with a predetermined grace period). & a simple interest loan. They are two completely different animals. If my papers read both those statements- then it is possible that the servicer is double dipping.
The loan was a Superior Bank FSB loan (Yeah--- I know) Was sold off to EMC mortgage Corp by the Feds to recover the money. (Of course they let the extremely wealthy owner walk away scott free). We never had a problem with Superior or their servicer. Upon transfer to EMC- problems started happening. Lost payments, split payments, delayed payment processing. In the ast 2 years- EMC has managed to get me for more than 11,000 in bogus charges. That's with me making more than double payments for 2 years.
It's a full time job trying to keep them straight. Mailing proof of payments over & over, countless RESPA letters, (most unresponded to) Proof of insurance faxed to them dozens of times & they STILL make me pay for their worthless force place insurance.
There must be some loophole in my origional mortgage papers that they have found & are taking advantage of.
If these mortgage papers are somehow "fault" for the conflict of not specifying conventional or simple interest- I would think they are illegal.
If they are illegal- How can I use that to get away from this servicer, considering I can't go back & get the origionators?
Before you tell me to go to another lawyer---most RE lawyers have NO CLUE about mortgage servicer fraud. They look for "prepayment clauses" or other things that would lable it as preditory & have never found anything other than it violates the Illinois 1972 fair interest act. Most loans do nowdays. It says that if closing fees can be no more than 6% of the total loan for any loan over 8% interest charge. Nobody has ever mentioned anything about it being a conventional or simple interest loan. It actually states terms for BOTH types.
What can I do???
