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Complaint Details
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Initial Complaint
09/04/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I made a mortgage payment on Wednesday, August 28, 2024 towards the principal balance. I received an email from STG Mortgage on August 28, 2024 stating that they rejected the payment because the loan was transferred to Planet Home Lending. As of today September 4, ******************* Planet Home Lending will not receive the payment. I am getting affected by incurring unnecessary interest. Planet Home Lending told me that they cannot receive the payment until October 1st and the STG Mortgage is still the servicer. At a mortgage rate or *****% on $50,000 dollars, I am incurring an uneccesary interest charge of $9.08 dollars per day.
Business response
09/04/2024
Hello,
We have received your complaint. Please review our reply below.
Once a mortgage loan is transferred/sold to another lender, we cannot receive any money from the borrower as we do not have a loan to accept a payment toward its repayment. The new servicer/loan owner will be able to receive the payment once they have entered the proper information into their system. We are not a party to this complaint, as this is between Planet Home Lending and the borrower.
We've informed the borrower about the situation, but unfortunately, we can't take any further action because we sold the loan prior to the borrower making this particular payment.Thank you, and best regards.
Customer response
09/04/2024
I contacted Home Loan Lending and they stated that they cannot receive the funds and that STG Mortgage was still the servicer.
Additionally, STG Mortgage has not sent the payments that I already made. Home Loan Lending has not even received the funds from STG.
Business response
09/09/2024
Hello Madam/Sir,
Please note that the Borrowers loan was transferred to another servicer. I will accept the $50,000 payment as an accommodation to the borrower, and credit them the interest charges. This is done only as an accommodation to the Borrower. The payment is due on October 1, 2024 to their new servicer.
Thank you, and best regards.
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Get a QuoteCustomer Complaints Summary
1 total complaints in the last 3 years.
1 complaints closed in the last 12 months.