Mortgage Broker

[sheillia]

My mortgage was sold to Selene Finance back in Aug 2014 from Bank of America. We were in the process of a loan modification with BoA (Selene did uphold the agreement we had with BoA). As long as the modification is "open", it's reported to the credit companies that your payment isn't being made. It took until Feb 2015 to complete the modification with Selene and that was only AFTER I reported them to the BBB because I kept receiving letters threatening to foreclose due to non-payment (even though payments were made monthly and on time). Now, 9 months later, my account is still messed up. I've had to fax a bank statement twice proving all our payments have been made. And still the account shows I've missed a month (or whatever reason I get on my weekly call with them). And NOW, my homeowners insurance has been cancelled because they disregarded the insurance bill. And we even paid the first 3 months out of pocket, even though we have an escrow, because I was afraid they would mess up my insurance. And sure enough, as soon as I let them take over from the escrow, they don't pay the premium. My agent called to find out why and she was told they would overnight the payment to her. Didn't happen. 2 days later we call back and they had mailed it and it would take 7-10 business days to get there. I feel like I've done all I can do to try and get this problem resolved, at much stress to me because I have to call them almost every week. Would it be feasible to sue them at this point? Is there ANY avenue I can take?

 

[army judge]

You can file a complaint with Arkansas Securities Department, if your lender is regulated by the ASD:

http://www.securities.arkansas.gov/page/356/how-to-file-a-complaint

http://www.securities.arkansas.gov/!userfiles/Complaint Important Notice.pdf

http://www.securities.arkansas.gov/faq/consumers.asp

You can bring a lawsuit, but I see no tortious conduct.
If anything, there might be a contract claim for breach of your mortgage contract, or failure to carry out their fiduciary duty by not handling your escrow funds appropriately and by not paying your insurance causing it to be cancelled.

However, what are your damages?

See what the ASD has to say and what they can do for you.