Atlanta

Keeping eye on loved one’s finances could stop headaches down the road

By WSBTV.com News Staff
By WSBTV.com News Staff

ATLANTA — Channel 2 consumer adviser Clark Howard said keeping tabs of your elderly loved one’s finances is a must.

Yulanda Ramey believes if she hadn’t done just that, her father would have lost his home.

Ramey told Channel 2 Action News that her father paid his mortgage payments on time for the past 13 years.

So, when she found out he was being threatened with foreclosure, she knew something wasn’t right.

“They have called. They have threatened. They’ve sent certified letters demanding payment. I have receipts showing the payments have been made,” Ramey said.

What she didn’t know was he was sending his payments to the wrong mortgage company. His mortgage had been sold from Ditech to Shellpoint.

TRENDING STORIES:

“My father had no notification until after the fact. Two of the last three payments were made,” Ramey said.

By law, lenders must inform homeowners of a mortgage transfer within 30 days.

Ramey told Channel 2 Action News that she sent multiple emails and phone calls to Shellpoint and they would not resolve the issue.

“My father is of age. So, to see him deteriorate in many ways due to the fact that he knows he’s made payments as he should, it hurts,” Ramey said.

Lori Silverman runs Team Clark in the Consumer Action Center. She told Channel 2 Action News they get calls a lot of calls from people concerned their elderly loved ones are in trouble.

“Whether it’s a scam, whether it’s finances, I would say keep in touch with your parents or loved ones that are elderly,” Silverman said.

She said filing a complaint with the Consumer Financial Protection Bureau is a must.

The CFPB enforces mortgage industry regulation. Consumers are able to upload documents along with a complaint and are given a tracking number.

Borrowers can also file a complaint with the Georgia Department of Banking and Finance.

While the GDB doesn’t deal with specific consumer complaints, they will act against a lender if there is a violation.

An hour after Channel 2 Action News emailed Shellpoint about Ramey’s issue, she received a phone call and an apology.

She was also told her father’s account would be updated and corrected. She said that hasn’t happened yet and she still plans to file a complaint with the CFPB.

Howard said it’s common for mortgages to be sold but the likelihood is much smaller if the loan is with a credit union.

“The big thing for you to know is you have the right for 60 days to pay money to your old lender or your new one and still be considered on time,” Howard said.

© 2020 Cox Media Group

Most Read