Complaint Review: SPRINGFIELD FINANCIAL SERVICES

Having a background in banking and an understanding of finances I was asked to review a friends loan documents. His financial situation has made it difficult to keep currant on payments. I knew he was struggling to keep property out of forclosure but on review of documents i became enraged. Not only is he being charged interest that is compounded daily, but his interest rate on a twenty year mortgage is scheduled to increase to 10.5 percent in a few months. It was with some shock I found a 2015 statement of escrow activity that showed a 6.000.00 dollar overpayment in escrow funds.. Given that the yearly total paid for taxes and insurance has NEVER exceeded 3000.00 dollars collecting roughly 3 times the amount that could be reasonably estimated for yearly costs seemed criminal. especially since the loan balance had not diminished during the same period that he was paying triple his escrow costs.. I have since found that indeed this is criminal under the Real Estate Protection Act a lender that engages in such grossly unfair practices is subject to penalties.. As I understand it these could be as much as 3 times the overage charged plus triple the cost of court fees and Attorney cost. I fully intend to help my friend find a Awsome Attorney ...