A Sampling of Issues to Dispute in a Qualified Written Request

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When attempting to get information from a lender or servicing company, borrowers can take advantage of their legal opportunities under the Real Estate Settlement Procedures Act to send a Qualified Written Request (QWR). A QWR is meant to help homeowners raise disputes with their mortgage servicer and have those issues addressed in a timely manner.

Homeowners, however, may not know what things to ask of the lender, or why they are requesting certain documents or items relating to the loan and its servicing. Most questions revolve around various disagreements that borrowers may have with a creditor, including balance owed, dates when payments were made, and the nature of the relationship between the company getting
receiving collecting payments and the true owner of the loan.

For instance, homeowners may wish to request a complete payment history including the times that payments were made, as well as the amount the lender claims it acquired. Also requested could be a breakdown of how the payment was disbursed, whether to principal, interest, taxes, property insurance, late fees, suspense accounts, or any other charges.

For homeowners facing foreclosure, a description of all charges and fees on the account could be disputed, for which a QWR may be necessary. Owners could request that all of the arrears and fees relating to the foreclosure be itemized and justified by the servicing company. This can be an especially demanding request for the bank to fulfill, as many often just make numbers up for past due accounts.

Any change in the monthly payment should also be carefully scrutinized and disputed if the homeowners did not specifically agree to it. Even if they did, if the amount does not look correct, it may be worth disputing and having the servicer check into the loan. Homeowners can request the financial institution to explain how the new amount due was calculated and why it was increased.

As with any foreclosure case, there will be a whole range of issues that are specific just to that actual case. Thus, the issues described above should not be taken as an exhaustive list of QWR questions at all. Homeowners will inevitably run into their own issues when attempting to stop foreclosure, and they will be able to build their own Qualified Written Request letter to the servicing company in order to attempt to resolve any problems.

Article Source: http://depositarticles.com/

Borrowers interested in loan modification, foreclosure loans, deed in lieu, and other solutions to stop foreclosure can find all the resources they need by visiting Nick's ForeclosureFish website. Visit the site while you still have time to work out a solution to save your home before the lender has it sold out from under you at a county government public auction. Hundreds of pages of information, alternatives, and general advice can be researched at the website, which you can find here: www.foreclosurefish.com/

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