Daily Archives: January 22, 2013

Bankruptcy and RESPA

RESPA stands for Real Estate Settlement and Procedures Act.

Especially in Chapter 13 bankruptcy cases, you need to know the correct numbers on your mortgage(s).

Some provisions relate to how mortgage companies must handle escrow accounts, and various notices they must provide, and the timing for same.

My favorite part requires your mortgage company to send you a complete accounting, of all the money they got from you, and what they did with it, if you send a QWR (lawmakers love acronyms) qualified written request.

Now, why would you need an accounting from your mortgage company?

Do you have a dispute with them over how much you owe, whether you are behind?  Are they foreclosing on you, and say you are $8,000 behind when you only missed two payments?

Are you trying to get a modification, and disagree on the numbers?

You do need a basis to send the QWR, so if you are paying on time every month, and they are not claiming you are behind; don’t waste your time.

But if they are playing games with your insurance escrow, or paying taxes you already paid, send the letter.

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