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Carey and Tracie Kinghorn were content with their adjustable-rate mortgage, but they were pleased when the Texas-based servicer that had bought their loan offered them a modification to lower their monthly payment by about $500. The change cost them $11,000 in fees and charges, but the Kinghorns signed a contract in April 2009.
The company cashed the check but never recorded the modification, the Kinghorns said. In February, they said, they learned that the home would be sold at a foreclosure auction because they hadn’t been paying the original full monthly payment. They tried to stop the sale, but it went forward in March.
The Kinghorns blame the mortgage servicer for taking their money and selling their home. The company says it handled the Kinghorns’ mortgage properly and tried to reach the couple by phone and mail in the past year to no avail. The couple contends they were not contacted.
Read more: http://www.idahostatesman.com/2010/05/04/1177472/complaints-about-mortgage-relief.html#ixzz0myBgeldG
