- Report: #207766
Complaint Review: Ever Home Mortgage/ Ever Bank - Jacksonville Florida
-
Author Confirmed
Why?
Ever Home Mortgage/ Ever Bank
Po Box 2167 Jacksonville, 32232 Florida, U.S.A.
Phone:
800-6699721
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Ever Home Mortgage, Ever Bank ripoff refused to follow the law, breaking homeowners protection act Jacksonville Florida
Everhome, Everbank bought my mortgage from Flagstar bank back in March of 2006.
I have been putting extra money on my principal every month, with the hopes of dropping my pmi ( they are charging me 257.77 per month on a 74,000 house.) Please dont bash me, I know I signed the papers, and I agreed to that amount, it was better then not purchasing the house at all.
The homeowners act of 1997 states that pmi will automatically be dropped when the principal balance hits 78% loan to value..the only exception is if your considered high risk. ( I am not, and my contract clearly states that my loan is not high risk.)
I called everhome, everbank to put in a request for my pmi to be dropped, and I was informed that I had to fax them a letter of request. ( I did so)
Two weeks later, I recieved a two page letter telling me that when my balance hits 75% loan to value, and I pay 400.00 for a appraisal, they will consider dropping my pmi. It states very clearly that paying the additional four hundred for the appraisal does not guarentee they will drop my pmi.
I do not understand how they can get away with this, The law states clearly that it will be droppped at 78% loan to value, with no mention of another appraisal, and they are telling me I have to pay down to 75% and pay another four hundred on top of that, and they still will not guarentee my pmi will be dropped.
My income has taken a major hit in the last six months, and will take another one in the next two months, this additional 257.77 per month is more then I can handle, and they are breaking the law, by refusing to drop it when I hit 78%, I called a local real estate attorneys office, but they will not return my calls.
Any suggestions would greatly be appreciated, I apologize for the long post, and I appreciate your time in reading this.
Paige
Yeagertown, Pennsylvania
U.S.A.
I have been putting extra money on my principal every month, with the hopes of dropping my pmi ( they are charging me 257.77 per month on a 74,000 house.) Please dont bash me, I know I signed the papers, and I agreed to that amount, it was better then not purchasing the house at all.
The homeowners act of 1997 states that pmi will automatically be dropped when the principal balance hits 78% loan to value..the only exception is if your considered high risk. ( I am not, and my contract clearly states that my loan is not high risk.)
I called everhome, everbank to put in a request for my pmi to be dropped, and I was informed that I had to fax them a letter of request. ( I did so)
Two weeks later, I recieved a two page letter telling me that when my balance hits 75% loan to value, and I pay 400.00 for a appraisal, they will consider dropping my pmi. It states very clearly that paying the additional four hundred for the appraisal does not guarentee they will drop my pmi.
I do not understand how they can get away with this, The law states clearly that it will be droppped at 78% loan to value, with no mention of another appraisal, and they are telling me I have to pay down to 75% and pay another four hundred on top of that, and they still will not guarentee my pmi will be dropped.
My income has taken a major hit in the last six months, and will take another one in the next two months, this additional 257.77 per month is more then I can handle, and they are breaking the law, by refusing to drop it when I hit 78%, I called a local real estate attorneys office, but they will not return my calls.
Any suggestions would greatly be appreciated, I apologize for the long post, and I appreciate your time in reading this.
Paige
Yeagertown, Pennsylvania
U.S.A.
1 Updates & Rebuttals
gheinze
duncan,South Carolina,
volation of law from Ever bank
#2Consumer Suggestion
Sun, February 02, 2014
First- I am in finance and not ignorant to the laws that are supposed to protect consumers. You are right , however the lender still has some rigthts and you would have to pay for another appraisall which is a convoluted avenue that was supposed to protect the consumer from unfair and inaccurate appraisals. Instead I would suggest 1) you file a complaint with the CFPB. Give them as much factual information and also refer them to rip off reports. . 2) See if a class action lawsuit exists as I too am ready to file a lawsuit against this company for keeping escrow on an account they bought from BOA and solicited us as a Harp11 loan.They file under the stock exchange under EVER. Consider filing with the stock exchange. The violation they did with us violates RESPA. If they are in the billions imagine how many other they took advantage of. We were told we would get back our escrow and later told after over 6 calls to the servicing that they did not have to disclose this because the type of the loan .They also told us that they didn't know if it was a public company. They also told us that they didn't have to give us money back from the old escrow for which it was verified we would be getting back before closing and our own attorney verified as well.This is over $3500.00 Their numbers at closing changed from the original disclosure and this is also a violation of RESPA and the Fair truth and Lending.
