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Escrow Account Legal Concerns
Summary
Lenders in Florida must comply with the Real Estate Settlement Procedures Act (RESPA) regarding escrow accounts. If an escrow account was not established as required, it may be a violation of RESPA. You can file a complaint with the Consumer Financial Protection Bureau (CFPB) if you believe there has been a violation. Additionally, if there are discrepancies and errors in billing cycles, and issues with customer service responses, these should be documented in your complaint. Consider seeking legal advice for further assistance.Full Conversation
Yes. It said an Escrow should be established but never was.
Thank you for sharing the details. In Florida, lenders are generally required to establish and maintain escrow accounts for certain types of loans. Here are some points to consider:
- Review the written agreement for specific escrow requirements.
- Lenders must comply with the Real Estate Settlement Procedures Act (RESPA).
- You may file a complaint with the Consumer Financial Protection Bureau (CFPB).
Would you like information on how to proceed with a complaint?
- Review the written agreement for specific escrow requirements.
- Lenders must comply with the Real Estate Settlement Procedures Act (RESPA).
- You may file a complaint with the Consumer Financial Protection Bureau (CFPB).
Would you like information on how to proceed with a complaint?
They did not comply and accumulated the escrow for 5 years
I'm sorry to hear about your ongoing issue. Here are some steps you can consider:
- Review your loan agreement and all related documents for specific details about the escrow account requirement.
- The Real Estate Settlement Procedures Act (RESPA) requires lenders to follow certain guidelines regarding escrow accounts.
- You may file a complaint with the Consumer Financial Protection Bureau (CFPB).
Would you like more information on how to file a complaint with the CFPB?
- Review your loan agreement and all related documents for specific details about the escrow account requirement.
- The Real Estate Settlement Procedures Act (RESPA) requires lenders to follow certain guidelines regarding escrow accounts.
- You may file a complaint with the Consumer Financial Protection Bureau (CFPB).
Would you like more information on how to file a complaint with the CFPB?
I'm asking is this legal ?
I'm sorry to hear about your situation. In Florida, lenders must comply with the Real Estate Settlement Procedures Act (RESPA) which mandates proper establishment and management of escrow accounts. Based on your description, it appears there might be a violation. You might consider filing a complaint with the CFPB.
Would you like more details on how to file a complaint with the CFPB?
Would you like more details on how to file a complaint with the CFPB?
ok
Here is how you can file a complaint with the Consumer Financial Protection Bureau (CFPB):
~Filing a Complaint with the CFPB
*. Visit the CFPB's website: www.consumerfinance.gov/complaint/
*. Click "Submit a Complaint."
*. Follow the prompts to provide details about your issue.
*. Submit any supporting documents, like your loan agreement.
Would you like further assistance with this process?
*. Visit the CFPB's website: www.consumerfinance.gov/complaint/
*. Click "Submit a Complaint."
*. Follow the prompts to provide details about your issue.
*. Submit any supporting documents, like your loan agreement.
Would you like further assistance with this process?
yes
Sure, here are the detailed steps to file a complaint with the CFPB:
*. **Visit the CFPB's website**: [www.consumerfinance.gov/complaint/](www.consumerfinance.gov/complaint/)
*. **Click "Submit a Complaint"**.
*. **Follow the prompts** to provide details about your issue (e.g., lender's failure to establish an escrow account).
*. **Submit any supporting documents**, like your loan agreement.
Would you like assistance with any specific part of this process?
*. **Visit the CFPB's website**: [www.consumerfinance.gov/complaint/](www.consumerfinance.gov/complaint/)
*. **Click "Submit a Complaint"**.
*. **Follow the prompts** to provide details about your issue (e.g., lender's failure to establish an escrow account).
*. **Submit any supporting documents**, like your loan agreement.
Would you like assistance with any specific part of this process?
how do word the complaint
Certainly! Here is a suggested wording for your complaint to the CFPB:
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"I am filing this complaint against [Original Bank Name] and [New Servicer Name] regarding their failure to establish and maintain an escrow account as required by my loan agreement and the Real Estate Settlement Procedures Act (RESPA). For over six years, the original bank did not set up the escrow account nor bill me for it. Upon transfer to a new servicer, they claimed the transfer as an escrow, which never existed, and converted it into fees. This has resulted in an accumulation of escrow funds over five years, which I believe is a violation of RESPA."
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Would you like any modifications or additional details included?
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"I am filing this complaint against [Original Bank Name] and [New Servicer Name] regarding their failure to establish and maintain an escrow account as required by my loan agreement and the Real Estate Settlement Procedures Act (RESPA). For over six years, the original bank did not set up the escrow account nor bill me for it. Upon transfer to a new servicer, they claimed the transfer as an escrow, which never existed, and converted it into fees. This has resulted in an accumulation of escrow funds over five years, which I believe is a violation of RESPA."
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Would you like any modifications or additional details included?
yes , in addition to this they have continued to violate several stste, federal and consumer laws including fraud and predatory tactics of extortion . There are numerous discrepancies and errors every billing cycle.
Certainly! Here is the revised wording for your complaint:
---
"I am filing this complaint against [Original Bank Name] and [New Servicer Name] regarding their failure to establish and maintain an escrow account as required by my loan agreement and the Real Estate Settlement Procedures Act (RESPA). For over six years, the original bank did not set up the escrow account nor bill me for it. Upon transfer to a new servicer, they claimed the transfer as an escrow, which never existed, and converted it into fees. This has resulted in an accumulation of escrow funds over five years, which I believe is a violation of RESPA. Additionally, they have continued to violate several state, federal, and consumer laws, including fraud and predatory tactics of extortion. There are numerous discrepancies and errors every billing cycle."
---
Would you like any further modifications or additional details included?
---
"I am filing this complaint against [Original Bank Name] and [New Servicer Name] regarding their failure to establish and maintain an escrow account as required by my loan agreement and the Real Estate Settlement Procedures Act (RESPA). For over six years, the original bank did not set up the escrow account nor bill me for it. Upon transfer to a new servicer, they claimed the transfer as an escrow, which never existed, and converted it into fees. This has resulted in an accumulation of escrow funds over five years, which I believe is a violation of RESPA. Additionally, they have continued to violate several state, federal, and consumer laws, including fraud and predatory tactics of extortion. There are numerous discrepancies and errors every billing cycle."
---
Would you like any further modifications or additional details included?
yes, after numerous phone calls to customer service and Tickets none got back to me.After waiting with no redponse I was told that there where no Ticket and no discrepancy was filed/
Certainly! Here is the updated wording for your complaint:
---
"I am filing this complaint against [Original Bank Name] and [New Servicer Name] regarding their failure to establish and maintain an escrow account as required by my loan agreement and the Real Estate Settlement Procedures Act (RESPA). For over six years, the original bank did not set up the escrow account nor bill me for it. Upon transfer to a new servicer, they claimed the transfer as an escrow, which never existed, and converted it into fees. This has resulted in an accumulation of escrow funds over five years, which I believe is a violation of RESPA. Additionally, they have continued to violate several state, federal, and consumer laws, including fraud and predatory tactics of extortion. There are numerous discrepancies and errors every billing cycle. Despite numerous phone calls to customer service and submitted tickets, I received no response. I was eventually informed that no tickets or discrepancies were filed."
---
Would you like any further modifications or additional details included?
---
"I am filing this complaint against [Original Bank Name] and [New Servicer Name] regarding their failure to establish and maintain an escrow account as required by my loan agreement and the Real Estate Settlement Procedures Act (RESPA). For over six years, the original bank did not set up the escrow account nor bill me for it. Upon transfer to a new servicer, they claimed the transfer as an escrow, which never existed, and converted it into fees. This has resulted in an accumulation of escrow funds over five years, which I believe is a violation of RESPA. Additionally, they have continued to violate several state, federal, and consumer laws, including fraud and predatory tactics of extortion. There are numerous discrepancies and errors every billing cycle. Despite numerous phone calls to customer service and submitted tickets, I received no response. I was eventually informed that no tickets or discrepancies were filed."
---
Would you like any further modifications or additional details included?
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