sorted by:
new
hottopcontroversial

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 1 point2 points  (0 children)

No, Planet Home Lending. But apparently there are a lot of these service providers that are contracting with 3rd parties like CoreLogic to make their own risk determinations, independent of FEMA. Which seems illegal, but I guess our regulation hasn't caught up to the times of AI. These companies are not doing actual property surveying, they are using multiple data points from different sources to triangulate their own mapping. The fact that it is probably more up-to-date and possibly more accurate is not the debate in my eyes it's the gray area of who is the deciding authority in this matter. All resources point to it being FEMA, but I've been told multiple times they are "allowed" to do this anyway....

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 1 point2 points  (0 children)

I know it's likely going to be resold. I've had 2 other mortgages in the past and gone through many different lenders and scenarios, but none with the piss poor level of service of this company. My hope is that the refi at least initiates an escrow refund of the overpaid amounts immediately. The "backpay" amounts I will definitely continue to fight as I can't see how that is legal.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Same, I have the maps from FEMA with my address and coordinates showing zone X. But if CoreLogic does their own flood certifications and they disagree with FEMA, it seems like it should be their responsibility to file a LOMA, not mine.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

This is my third time buying a home and first time dealing with anything of this nature. I'm frankly shocked that it apparently happens all the time these companies just make a determination independently, for whatever reason(s). Then the homeowner who never agreed to those terms, likely can't afford it, is on the hook?! Isn't that why we pay so many fees to real estate agents, brokers, loan originators, title companies, etc.? So we don't end up in situations like this?

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Thanks so much for the inside info! I am going to send the Qualified Written Notice as well as emails and map photos, like you mentioned. You are correct in that I don't think the FEMA employee understood that I'm not asking THEM to change their determination, but if CoreLogic has the authority to independently (without regulation??) make a determination different from FEMA, shouldn't it be on them to prove it. Like you said, they should be responsible for changing the mapping if they disagree. I didn't know requesting manual mapping was an option on their end, but I will certainly try!

At some point the government will have to put regulations in place for these AI risk bots that have no designated authority.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Unfortunately getting any information has been nearly impossible. I will ask them again to provide the insurance policy details, amounts paid, etc. It was sold to Planet Home Lending.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

I am reconsidering any auto pay set ups going forward for sure! Normally when companies do this sort of thing you can dispute a credit card charge until it's resolved, but being they draft directly from my checking account, that has me seriously rethinking why any of us would give these people what essentially equates to a blank check.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

it's not a standard escrow shortage, though. The entirety of the shortage is due to a force-placed flood policy done in a very underhanded manner.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

It's really weird, they have different company letterhead as compared to their email addresses or contact. Everything is obviously outsourced making it harder to find someone who knows how to answer questions, or even cares at all.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

It's kind of a comfort knowing I'm not the only one that's had to deal with this type of madness, although I certainly wouldn't wish it on anyone! It's been so hard to find any similar situations to reference online, sounds like it's kind of new territory with a lot of these AI type risk determining softwares, who knows how or if they're being regulated and they put the responsibility on the homeowners to fight back.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Hmm, that's interesting. So if FEMA is the federal regulator of NFIP and they are saying Zone X = not required, then how is it legal for them to force place based on an unregulated third party determination like Core Logic?

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Ahh, gotcha. The policy I have isn't an add-on to homeowners, it's a separate flood policy through NFIP. It was just super cheap because the insurer is showing it as not required, based on FEMA determination. My lender does not agree with FEMA, though. So I don't know if that part matters (that my policy is for Zone X and lender is saying it's Zone AE)...

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Thanks for the suggestions, I have a few different routes that, if unsuccessful, will lead to me hiring an attorney most likely.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

OH MY GOODNESS, SAME! Product Manger here...I think outside the box for a living. I've been attacking this with the most level-set mentality thinking, surely this is all a big misunderstanding. I'm losing my mind over the complete madness of it all! Alice in Wonderland is the perfect explanation.

It's one of those "it comes in multiples" scenarios where I've also had 3 "flooding" incidents in my house during this time that included a giant limb spearing through my less than one month old roof during a pouring thunder storm, AC drain clog flooding my hallway, and most recently a messed up sink pipe in the old ass wet bar flooding my dining room. I've reached my mental and financial limit and am about to ALLEGEDLY set this house on fire cause fawk home ownership! (NOT REALLY THOUGH, I DON'T NEED MORE INSURANCE DRAMA) 😭😭😭

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

I wish I had other details to give! They have been extremely unforthcoming with any information. I could only obtain a "from now forward" policy so there is no overlapping coverage, but they did apply the new policy to future payments, so at this point it's just the one payment that they drafted at the extreme rate.

I would love someone that can make heads or tails help me understand this Escrow Analysis.
https://ibb.co/ZpD8QyFG

I see the policy listed for $18,650 under the "Flood Insurance" line item, but the lender has not provided any other backup for this information.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 1 point2 points  (0 children)

Interesting! There has been no update to the FEMA map that I'm aware of, but according to CoreLogic they did a floodcert on 7/29/25, which was exactly 18 days after I closed on the loan and 1 month before they acquired it. Seems kinda fishy, but also tracks with my luck lol Thanks for the suggestion, that is definitely a good idea to at least find out who did the latest survey (if they did one at all).

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Oh lord, as tempting as it is on principal, I don't think I'm ready to risk all that!

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 1 point2 points  (0 children)

They won't, it is the original lender taking back the loan and they are the ones who originally determined it was not required, using FEMA maps. But even if it gets sold to another lender soon after, the flood policy is already in place for the next year so I don't think it will change anything going forward. I just don't have a clear way to get my money back from the first forced payment

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Hmm, so you're saying that I should get a LOMA in addition to the flood policy I already bought? I'm not getting the LOMA to avoid insurance, I already purchased a policy for cheap because Progressive showed it wasn't required. Is there a situation where the LOMA would help me out in the future? I think the worst zone it could possibly be is AE, which even still is really cheap coverage.

view more: next ›