Consumer complaint received 2023-12-14
Company: STOCKTON MORTGAGE
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Escrow, taxes, or insurance

Complaint:
This is a continuation of our original company filed on XX/XX/XXXX Complaint # XXXX XXXX. Due to the numerous issues regarding our mortgage account ( missing payment, escrow mismanagement/negligence, fiduciary irresponsibility, continue late payments to insurance carriers, removal of escrow ) and Stocktons Mortgage failure to provide any supporting documentation to their statements along with several misrepresentations made in writing. We are now filing complaints for each and every single issue. 

This complaints pertains to the failure to remove " supposedly '' required escrow account. In XX/XX/XXXX we successfully had PMI removed after we renovated the unit increasing its value and lowering the LTV to 52 %. We submitted our request to remove the " supposedly '' required escrow account. This was their response ; " We reviewed your request to remove the escrow account. Regrettably, we are unable to comply with your request because your account does not meet eligibility requirements. We sent you letters dated XX/XX/XXXX, and XX/XX/XXXX, which provided information regarding the reason for the denial. We have enclosed copies of these letters for your review We then made a formal request for the disclosure document that we acknowledged and accepted those " eligibility requirements ''. We included the request as part of our original complaint. They failed to provide the document. Instead we got the statement a copy of the letters. It is now XXXX and still after numerous requests we have received nothing. 

So we pulled all of our closing documents ( including all loan proceeds documents ). We found no such disclosure. So went to the legal document the recorded Mortgage and the Note - legally reviewed. The mortgage Document clearly states the Note is the driving document ; " Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum ( the " Funds '' ) to provide for payment of amounts due for : ( a ) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property ; ( b ) leasehold payments or ground rents on the Property, if any ; ( c ) premiums for any and all insurance required by Lender under Section 5 ; and ( d ) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. '' The Executed Note makes no requirement for the escrowing of anything ; " 3. PAYMENTS ( A ) Time and Place of Payments I will pay principal and Interest by making a payment every month. I will make my monthly payment on the XXXX day of each month beginning on XX/XX/XXXX, XXXX these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of Its scheduled due date and will be applied to Interest before Principal. If, on XX/XX/XXXX, I still owe amounts under this Note, I will pay those amounts In full on that date, which Is called the " Maturity Date. '' I will make my monthly payments at XXXX XXXX XXXX XXXX XXXX. XXXX, KY XXXX or at a different place If required by the Note Holder. 

( B ) Amount of Monthly Payments My monthly payment win be in the amount of U.S. {$1900.00} 4. BORROWER 'S RIGHT TO PREPAY I have the right to make payments of Principal at any time before they are due.A payment of Principal only Is known as a " Prepayment. " Whan I make a Prepayment, I wlff ten the Note Holder In writing that I am doing so. I may not designate a payment as a Prepayment If I have not rnede an the monthly payments due under the Nole. 
I may make a full Prepayment or partial Prepayments without paying a Plepayrnent charge. The Note Holder wHI use my Prepayments to reduce the amount of Princlpal that I owe under this Note. However, the Note Holder may apply my XXXX to the accrued and unpaid interest on the Prepayment amount. before appt, ,lng my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes In the due date or In the amount of my monthly payment unless the Note Holder agrees in writing to those changes. 

Nowhere on our NOTE does state any other figure than the principal and interest payment of {$1900.00} is required from us. Therefore, we are going to manage our mortgage by the managing legal document the Note which is also the legal managing document for the recorded Mortgage.

Company response to consumer: Closed with explanation