- Report: #1317816
Complaint Review: SPRINGFIELD FINANCIAL SERVICES - Nationwide
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SPRINGFIELD FINANCIAL SERVICES
Nationwide, USA
Phone:
(800)258-8602
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SPRINGFIELD FINANCIAL SERVICES AMERICAN GENERAL FINANCING , SPRINGLEAF FINANCING, FAIRBANKS CAPITAL HOLDING CORP, FAIRBANKS CAPITAL HOLDING. ETC ESCROW EXCRUTIATING- PRINCIPAL PAYMENTS PALTRY SALT LAKE CITY . Utah Nationwide
Having a background in banking and an understanding of finances I was asked to review a friends loan documents. His financial situation has made it difficult to keep currant on payments. I knew he was struggling to keep property out of forclosure but on review of documents i became enraged. Not only is he being charged interest that is compounded daily, but his interest rate on a twenty year mortgage is scheduled to increase to 10.5 percent in a few months. It was with some shock I found a 2015 statement of escrow activity that showed a 6.000.00 dollar overpayment in escrow funds.. Given that the yearly total paid for taxes and insurance has NEVER exceeded 3000.00 dollars collecting roughly 3 times the amount that could be reasonably estimated for yearly costs seemed criminal. especially since the loan balance had not diminished during the same period that he was paying triple his escrow costs.. I have since found that indeed this is criminal under the Real Estate Protection Act a lender that engages in such grossly unfair practices is subject to penalties.. As I understand it these could be as much as 3 times the overage charged plus triple the cost of court fees and Attorney cost. I fully intend to help my friend find a Awsome Attorney ...
1 Updates & Rebuttals
Jim
Florida,USA
You're So Knowledgable, Right?
#2Consumer Comment
Wed, July 20, 2016
Your friend signed a contract for an Adjustable Rate Mortgage. That's as obvious as the rising of the sun...and with all your alleged knowledge, you don't know that! Having an over paid escrow account is no big deal. The friend should be keeping up on that anyway, after all, it's his/her money! The friend requests a refund and that's that. Of course, if property values have increased then so have taxes and so will the escrow withholding.
