What If My Lender Is Wrong?
August 28th, 2008 By Peter G. Miller
If you think your lender has not properly credited a payments then send the lender a letter, by certified mail with a return receipt, requesting the account history. Include the account number. State that under RESPA — the Real Estate Settlement and Procedures Act — that you have filed a “qualified written request” for information.
The lender now has 60 days to answer your inquiry.
Be certain to keep a copy of your letter, the postal receipt, and the postal return card so that, if needed, you can press a claim.
Note that most lenders will respond quickly to any concerns regarding account accuracy. Resolving such problems is far better than class-action lawsuits and regulatory problems.
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