Mortgage -- Trouble during payment process -- Complaint #6403431
Complaint Overview
Complaint ID: 6403431
Company: Freedom Mortgage Company
Product: Mortgage
Sub-Product: VA mortgage
Issue: Trouble during payment process
State: Illinois
ZIP Code: 60193
Date Received: 2023-01-05T12:00:00-05:00
Date Sent to Company: 2023-01-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
Freedom Mortgage has recently purchased my mortgage from XXXX and took over servicing this my mortgage account in XXXX. I wasn't given any notice that this would be happening, just a letter that it had. In that letter, I noticed that after the transfer ; the escrow amount per month had gone up {$51.00} or more than 7 %. My insurance and property taxes have gone down, so I was surprised that my escrow was increasing. I called and was told this was due to a " Shortage '' in the escrow analysis done by XXXX in XXXX. I believe that it is apparent that in this analysis, the " shortage '' is caused by requiring me ( the borrower ) to deposit funds, needed for disbursement and maintenance of a cushion, in the escrow account some period before the disbursement date. This has been accomplished in the escrow analysis by pushing together the two property tax disbursements so they are 5 months apart, and both are disbursed long before Illinois, XXXX county property taxes are due. In the analysis from last year, the final property tax disbursement wasn't planned until XXXX but didn't happen until XXXX. If these disbursments came at the proper time, or were properly spaced, there would be no shortage. I have made Freedom Mortgage aware of this, and asked for a way to contest this, and have basically been told the following : Freedom Mortgage says they have not done any analysis the analysis is from XXXX. They can not change, alter or grant a stay until they conduct their own analysis, which they say they plan to do in the first 60 days. With rising interest rates and inflation hitting everyone, blaming the previous company 's terrible analysis in order to justify what looks a lot like the use of pre-accrual in order to justify an escrow shortage is unacceptable ; and although I may get paid the " shortage '' difference in a year, there is no interest.
Frequently Asked Questions
What is Complaint #6403431 about?
Complaint #6403431 was filed against Freedom Mortgage Company regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-01-05T12:00:00-05:00.
How did Freedom Mortgage Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Freedom Mortgage Company?
Yes, visit the Freedom Mortgage Company company profile at readthecomplaint.com/company/freedom-mortgage-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.