Consumer complaint received 2018-03-22
Company: Capital Markets Cooporative, LLC
State: IL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
This has been a series of nightmares one after another. Sadly, this was my first home purchase and it hasnt been a good experience.

My previous mortgage company, XXXX XXXX ( XXXX ), sold my mortgage one month after I closed on my condo inXX/XX/XXXX The night before closing I was told by XXXX I had a sellers credit and I could bring less to the table. Which as a new person to buying a home sounded great. However, I was never told there was a caveat with that. I learned about that caveat inXX/XX/XXXX.

In XX/XX/XXXX I received a tax bill from XXXX County ( XXXX, IL ) explaining I was late on my XX/XX/XXXX tax bill ( installment 2 -- the previous owners tax bill ). This prompted me to call my new mortgage company XXXX XXXX   who is serviced by XXXX XXXX XXXX. When I called them, which bear in mind was my first time ever calling them, they were unable to find my property PIN, so therefore was unable to answer my tax questions.

Basically they had the wrong one on file. I reached out to XXXX and they called CMC and resolved it. Both my most recent tax tax installment and the previous owners taxes ( installment 2 were paid -- but paid late. Which means I included this in my taxes for XX/XX/XXXX.

Then I received a bill from XXXX in the first week of XX/XX/XXXX explaining that my escrow was negative and I owed {$4100.00} by XX/XX/XXXX ( when my mortgage was due ). The letter went on to say if I failed to pay the {$4100.00} the mortgage would go up to $ XXXX/mo from {$1200.00} until the {$4100.00} was paid off.

I was in obvious shock. I reached out to both the closing attorney and title company, they said that XXXX  messed up, and didn't take enough money from me at the closing. So when they sent money over to CMC it wasnt enough, so when they paid the taxes it put me in the negative. This was the caveat mentioned above, no one explained to me that I was liable for the taxes from the previous owner.This was the sellers credit basically.

This brings me to my complaint against CMC/XXXX XXXX XXXX. Since receiving the letter requesting {$4100.00} I have also received another letter telling me that I owe {$3700.00}. When I called CMC to understand if it was {$4100.00} or {$3700.00}, they said {$3700.00}.

I mentioned that I didnt feel secure with their accounting and it appears that one of the escrow payments from XXXX   went to principle instead of escrow while at CMC. They said they would look into it, I have called several times without being given a satisfying answer.

I understand that XXXX messed up, that makes sense to me. However, I have been waiting close to two weeks for CMC to tell me what is truly owed. CMC ended up opening a work item about 10 days ago, that work item was for their escrow team to research what was truely owed.The work item was due to be completed yesterday.

On XX/XX/XXXX I called CMC and the representative told me the work item had been completed, then I mentioned to him that nothing had changed. I asked him to explain to me what logic they had come up with. Like I said, If i owe the money I owe it, but based off receiving two conflicting amounts, messing up my property PIN, and paying my taxes late, I was not feeling like just taking their word for it. He couldn't give me an answer so I asked for a manager.

XXXX   the manager ( phone code XXXX ) explained that my payment was reversed months again and that {$3700.00} was the correct amount. I said well send me a letter to show me this and I will pay it. He then said once you do that your mortgage will go back to {$1400.00}. I explained that my mortgage was {$1200.00}. He said well your taxes must of gone up. I said not by that much ( my taxes are approx. $ 3700.yr, so that would be quite the jump ), He put me on hold, and then said he was going to reach out to the escrow team, and get back with me with hopefully good news tomorrow. He confirmed my number and said he would give me a call around XXXX  on the XXXX. He didnt.

I apologize for the long story but I just wanted you to understand how we got here. My mortgage is dueXX/XX/XXXXand I feel like this is just being hung over my head. The bottom line is I'm going to have to pay them or it goes on my credit. Which isnt right for them to have that sort of power. I have read nightmare reviews online of people having the same issue with them and then being 1 year in and still not having the money returned to them. I sadly dont have a lot of money where I can just pay them {$3700.00} AND have them jack up my mortgage by {$120.00} with no true logical answer. No one wants to help me there and if I cant get a manager to help me who will help me?

I cant stress enough that I'm not trying to get out of paying what is owed, but I just want to make sure its the right amount. Plus it seems unlikely that my mortgage should be anything other {$1200.00} after paying them {$3700.00}. Please help! Thank you in advance!

Company response to consumer: Closed with explanation