First you need to contact the state banking department, as this is who governs lenders and brokers, that is who they get their licenses from. Second, for the first few years of your mortgage, you pay mostly interest: only a very little piece of your payment goes to principal. Your payment for up to the first three to four years is mostly interest then you start paying more and more to principal. When you closed you should have gotten a schedule of payments for the entire term of the mortgage which shows how the monies get disburst. If anything at all is going to principal, even just a small percentage than you are not in an interest only loan. Get your schedule and see how it works. If it was only interest only, nothing would be going to principal. Check your monthly statement, that will show you the breakdown of your principal, interest, and escrows if you included them. As far as them "sitting" on the check, make your payments over the phone each month, it is an automatic debit out of your checking account, and you control the whole thing.
by novastarbanker - 11 hours ago
Read this article when you have a minute: http://news.yahoo.com/s/nm/20070412/lf_nm/usa_subprime_fraud_dc See what others are facing because of unregulated mortgage lenders. Why are you sending your payment to your mortgage broker instead of to the lender? Get that corrected, you are responsible for that payment, they aren't. Get an address. You are paying a high amount of interest, and had a small down payment. Yes, most of your payment goes for interest on the first onset of a loan. It will change every month (but very little), since you pay interest on the unpaid balance. At any time, you can add money to your payment to be applied to the principal in addition to your normal requested payment, if you can. I don't think your Mortgage Company is unethical, just lazy and missed sending in your payment. Pay directly to the lender, they are NOT the lender. Call your attorney general's office at your State. You can report them there.
by Barbara - 11 hours ago
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