My question involves real estate located in the State of: Colorado
My problems began when GreenTree/Ditech bought my mortgage. Any extra principal that I sent was put into a suspense fund and not applied to principal. My agreement clearly states that I can pay down principal at any time. I wrote them with a copy of that clause, yet they continued not applying extra principal until 2 or 3 letters from my lawyer. I have never been late on mortgage payments. At the beginning of this year, NewRez took over the loan and was accepting extra principal, but last month I sent in a bit more than double the normal payment with the indication on payment slip that ALL of the extra was to go to principal. They applied part to principal, but applied most to next month's payment and sent me a $0.00 bill. I'm thankful that I can do this, but they are not following the contract nor my legal wishes about how to apply monies. I've also seen plenty of reviews that NewRez does a lot of stuff like this. What recourse do I have for this (I have written them already)? Also, I imagine that an attorney could find enough mortgagors to file a class action suit. GreenTree/Ditech had a lot of similar complaints. I feel these companies are predatory and that some action needs to be taken. Thank you for your help.