Everhome Mortgage, EverBank Mortgage Fraud, Deceptive, Liars Ripoff Jacksonville Florida
When I bought my home in 2004 I did not have the required 20% down, so I was told at the closing table I would be required to pay private mortgage insurance.
The purchase price was seventy four thousand dollars, my private mortgage insurance payment was two hundred fifty seven dollars and seventy seven cents per month.
I was not aware of what private mortgage insurance was, or what was considered standard. I was told at the closing table that my private mortgage insurance payment would go down to twelve dollars and thirty three cents as soon as my principal balance hit sixty four thousand two hundred eighty eight dollars. There was relief in sight.
After putting every extra penny I can manage to come up with on my prinicpal balance, I was below the stated amount on the contracts amortization charts. I was seventy dollars below when I contacted the mortgage company Everhome.
I was told to put my request in writing and fax it to the research department. They would respond to me within ten buisness days in writing. I did this the very same day.
One month later, I recieved a response stating my private mortgage insurance would not be eliminated because I had not hit the 80% mark.
I called them and stated I do not want my private mortgage insurance eliminated, just lowered per contract. I was verbally told " It is all or nothing."
I started doing some research online, and found out the standard private mortgage insurance payment is between fifty and one hundred dollars a month. Or .05% of your begining balance, and it goes down each year as your balance drops. I am paying 4.18% of my begining balance, and it has yet to come down, regardless of contract.
I filed a complaint with the BBB in Jacksonville, Fl and they apparently sent a copy of this to Everhome, who responded to me by letter that I recieved yesterday in the mail.
Here is what I was told word for word in this letter that was wrote by Susan De Luca. Dated Febuary 13, 2007.
" The PMI Disclosure does not reference a reduction in the premium amount. The PMI company's records reflect a fixed rate monthly premium of $ 257.77 and do not reflect a premium reduction. The amortization schedule you provided reflecting a reduction in the PMI premium does not agree with the PMI Disclosure statement that you signed at closing. We are unable to honor the premium reduction as an amortization schedule is not considered a contractual agreement. For this reason, we respectfully deny your request for an adjustment or refund of the PMI.
Please note, that the PMI Disclosure does not make reference to premiums being lowered, but it also does NOT state that the amount is a fixed rate either.
The law also states that the amortization schedule must be attached to the PMI Disclosure so that the owner can track where they are, and when their PMI can be eliminated.
If there was never any intentions of lowering my pmi payments, my chart should not say that this amount would come down, and the closing attorney should not have shown this to me, and told me that my payments would come down.
Not only am I being overcharged PMI every month, ( I should be paying $ 30.83 per month not $ 257.77) but now they refuse to follow their own contracts, and are lieing through their teeth.
I have many other complaints with this mortgage company, at one point they were overcharging my taxes, they are not giving me proper credit on the interest, and have unexplainable monthly charges added to my loan, that are not contracted. But this PMI payment is the one that is the most unreasonable.
I have had my mortgage for almost three years now, and I have never once missed a payment, Have Never been late. My contract clearly states I am not high risk, and there is no reason for them to not work with me, or follow thier own contracts.
They Know I am living on a fixed income, I have told them clearly that I agreed to the PMI amount because it would be lowered, and I have made it clear that if this PMI does not come down, I will soon not be able to make my mortgage payments. They do not care. They will not work with me, and they are soon going to force me into foreclosure.
Paige
Yeagertown, Pennsylvania
U.S.A.
3 Updates & Rebuttals
Paige
Yeagertown,Pennsylvania,
U.S.A.
UPDATE
#4Author of original report
Mon, August 25, 2008
Where to begin.... I have spent all the time between posting fighting this pmi issue, I have heard the same song and dance from Everhome, they are claiming it is now the investors choice if my pmi is eliminated, and there will be no reduction whatsoever..I suppose that my truth in lending disclosure that shows the reduction does not matter to these theives.
I have found out that my good faith estimate that I originally signed was not the only one, apparently there was a second copy of the same document, that was never shown to me..it would have told me about the true cost of the pmi..and had I seen it, I would have never signed the docs at the closing table.
I have shown proof of this to the state department of banking, and they are investigating this mortgage as fraud, apparently Federal law requires you to be shown any revised good faith estimates. ( I was not.)
I also have copies of emails that the office of thrift supervision sent to Sharon Delora at Everhome, in regards to one of my many complaints, and it is quite obvious that they are covering for each other, and protecting one another.
HMMM..the office of thrift supervision is supposed to be there to protect the consumer, and make sure the banks are following laws, and I can prove that is not the case.
The office of thrift supervision told Everhome that my APR was understated, and that I could rescind my loan...and then when I told the office of thrift supervision I had a copy of this email, they all of a sudden called Everhome, and they in turn called me, FOR once, they have decided they want to help me, and investigate if my APR is right.
In Four years, they have done NOTHING to assist me...but all of a sudden they want too, I am not buying it.
Everhome is claiming they never recieved a copy of the Written Request under the RESPA act, for all documents contained and dealing with my mortgage... But I have those letters, that could have come from noone but them.
To make a much longer story short, I have not managed to refinance, although I have tried many times.
Everhome has managed to raise my escrow account several times, to the point that It has become impossible for me to pay my payments. ( please bear in mind that my taxes have not gone up.) Their excuse is my escrow cushion.
I was in foreclosure once, managed with the help of phfa to get out of foreclosure, but I am expecting another act 91 again anyday.
Once I got all the copies of my mortgage I can show without a doubt that my mortgage is fraud, My first step is the banking department, and my next is a appointment with a attorney on Sept 10th.
I have just over twelve thousand dollars in home equity, but with the housing market being so bad in our area ( and everywhere, and banks cracking down on lending.) refinance is just not possible.
If you will, keep your fingers crossed that I can get my case into court, before I loose my home to foreclosure.
Thanks for your answers, and for taking the time to read this. I am willing to help anyone find the right documents, or fight Everhome tooth and nail..Just let me know how to contact you. I want to include my email address here, but I know this site will delete it.
Paige
Not Thermal
Rockville,Virginia,
U.S.A.
Can you refinance?
#4Consumer Suggestion
Tue, June 03, 2008
Just a thought, have you considered refinancing? If you have been making payments on time and your history reflects that, you should be able to refinance and eliminate/reduce your PMI all together (depending on your loan to value ratio). If there has been any appreciation in your home at all in the last 4 years (hopefully there has been some), you should be real close to the 80/20.
I have never been a fan of PMI, but I do not recall ever seeing that high, you are (were) being ripped off.
Oh yes, the basis of the 80% is not supposed to be on the original loan amount either. You are entitled to get your own appraisal and if the loan to value is below some preset value (I seem to recall 75% is typical), they will drop it (there are laws in some states).
I see it has been some time since you wrote this, hopefully it has been corrected.
Awteltelaw
Jacksonville,Florida,
U.S.A.
Your title says it all
#4UPDATE Employee
Mon, June 02, 2008
the management at EverHome at all levels is extremely unethical. If you do have a moral compass and you point out their behavior they frown on you. All I can say is avoid doing business with EverHome if at all possible.