I lost my job last October and could not afford my bills. I contacted RoundPoint Mortgage Company to do a short sale on my house in Bluffton, IN and they sent me the forms to fill out. I was behind on my account and informed me I had to make my account current in order to do a short sale. My family paid the missed payments and brought it current. I filled out the forms for short sale but I was denied because they claim there was missing information! My realtor I had with Coldwell Banker in Bluffton, IN dropped me as they were not helping me and my daughter chewed Jody out. He got mad an started yelling at my daughter by saying that house is in horrible shape, cannot show it as it needs to be cleaned up, and the loan is to high on the house as it needs a lot of work. He had put a for sale sign in my yard when I was clearing the house out and was going to send my GPS to me in Texas as I relocated there last November. However, he never sent my GPS so my daughter chewed him out for that too. Since he dropped me my daughter contacted another realtor in Bluffton. His name is William McBride and he would have to look at the house, talk to RoundPoint before making a decision to help me. He went to look at my house an said in order for him to do analyze on the home, I had to remodel and turn the utilities back on. My family spent $10,000 for remodeling, plumber for leaks, new water heater, carpets cleaned professionally, paid for utilities to be current, and turned back on. I called William McBride to see the house again to see what he thought. We called RoundPoint to speak to my account portfolio specialist, Chris to do a 3 way call with us & William McBride to discuss what paperwork needed to be filled out. When William found out what paperwork was needed he yell at us, was very rude an said I am backing out as I will lose commission, and too much paperwork involved. I offered to pay for lost wages but still would not accept it, refused to help me, did not give us the information we needed on the analyze on the house, and hung up! I gave up on short sale as RoundPoint denied it because of missing information. We tried to do a deed-n-leiu but it was denied because they claim that Hud/FHA requirements are is a listing agreement from a realtor. I explained to them I called every realtor in Bluffton and no one will take my case. They told me in order to move forward you must contact a realtor an have them list it. I told them the next town was Fort Wayne which is 40 miles or so one way and several realtors I called said it was not worth it. Now RoundPoint said can you contact the realtor to see if I can get a copy of the listing agreement from Coldwell Banker & William McBride for the analyze of my house to see if that will accept it. I have been sitting here for almost a year, and no help from RoundPoint. They are stringing me along and I am scared they will screw me by hitting me with fees & foreclosure. John Bluffton, IN
I made a $4000 payment last month. My required monthly payment is $1954. Instead of crediting the extra payment amount to the principle balance, they doubled my interest (my interest payment went to $1910.60 - which, obviously, if that were my monthly interest payment, I would never make any progress on this loan, with the escrow), and doubled my escrow contribution. This receipt says my next payment is due in January, so - what they did is treat this payment as if it were this month's payment, and then next month's payment sent next month. My contribution to principle was merely doubled, just as if it were two payments a month apart.
This is illegal and violates the terms of the mortgage. The terms say that there is no prepayment penalty, but effectively doubling my monthly interest rate is a substantial penalty. I will be seeking legal assistance if they do not correct this immediately, tomorrow. I am extremely upset by this outright duplicitous practice.
Imagine if I did not carefully inspect my payment receipt - I could proceed in full faith as if my extra payments were having the desired effect, when, really, the only effect they would ever have would be to double my monthly interest rate. These clowns ought to be investigated. Who knows how many homeowners out there are currently being taken to the cleaners, and by the time they find out, they'll have no legal recourse.
After 8.5 months with an accepted Offer to Purchase, Seller and Buyer are unable to close by deadline -- AGAIN. This time it's because Processor requests we falsify calculation section on Closing Disclosure (among other things) and we refuse to falsify.
Delays, incompetence, request to falisfy Closing Disclosure is the 1,2,3 of how RoundPoint Mortgage Short Sale Processor conducts business. Communication??? Forget it. News of rejected disclosure and other descrepancies preventing closing arrived late morning August 30th. Closing was scheduled for 8:00 a.m. August 31st.
1. Processor insisted listing and offer deadlines were expired when they weren't.
2. Processor insisted there was a discrepancy between list price in the MLS ($269, 900) and an Amendment to the list price ($250, 000).
It took 2 full days of resending documents and spelling it out in emails via Point of Contact and his manager to remove this new obstacle to closing. Over and over again, after pointing out Processor was confusing Listing Contract with Offer Contract, we'd receive email stating, "Listing Amendment with $250, 000 price needed for approval." After 2 full days of constant back and forth, Processor finally must have realized she was looking at an Amendment to the Offer, not listing, because the discrepancy obstacle disappeared without explanation.
3. Painfully on-going. For 3 DAYS we've been in back-and-forth communication through Point-of-Contact, Armando, trying to get a Closing Disclosure together that's acceptable to Buyer's lender, title company and RoundPoint Mortgage Short Sale Processor. At the bottom right of the CD is the "Calculation" section. The bottom line reads "Cash __From __To Seller." Above this line is the total from Section N and above that line is the total from Section M.
Total of Section M - total of Section N = sum due to or from Seller.
It's a computer generated grand finale line on the form and devised so once sections are totaled, a mathematical formula generates the check mark in appropriately. The check mark in the "Cash __From __To Seller" line cannot be placed arbitrarily.
M = "Due to Seller at Closing"
N = "Due from Seller at Closing"
If "M" is greater than "N, " M - N = positive sum.
The check mark is computer generated to always show up as "Cash __From X To Seller" when the amount of M- N = a positive sum. Because more was due TO Seller at Closing (M) than was due FROM Seller at Closing (N).
If "M" is less than "N, " M - N = negative sum.
The check mark is computer generated to always show up as "Cash XFrom __To Seller" when the amount of M - N = a negative sum. This is because more was due FROM Seller at Closing (N) than was due TO Seller at Closing (M).
3 Days prior to closing -- after Seller and Buyer have been waiting 8.5 months and another Amendment to extend closing is needed if it doesn't close -- we are told by Point of Contact the Closing Disclosure is rejected.
Processor insists through 3 full days of communication through Point of Contact that Section M must total $261, 000 and Section N must total $259, 000 and the "CALCULATION" Section must read "Cash XFrom __To Seller $2, 000."
3 FULL DAYS of title company and Buyer's Lender pointing to the mathematical formula regulating the Calculation Section. 3 Full Days of trying to explain to everyone involved why RoundPoint Mortgage Short Sale Processor continues to reject the Closing Disclosure because the $2, 000 that's due from Seller at Closing is listed in Section "N", titled, "N. Due from Seller at Closing" and insists on continual rejections of CD until Processor sees the $2, 000 that's due from Seller at Closing listed in Section "M, " titled "M. Due to Seller at Closing."
Processor demands the following for approval of Closing Disclosure:
M (Due to Seller) $261, 000 - N (Due from Seller) $259, 000 = $2, 000
Positive sum always generates a "Cash due __From X To Seller" check mark. RoundPoint Mortgage Short Sale Processor says keep the figures where they are and move the check mark from "XTo Seller" to "From."
It should read:
$259, 000 (due to Seller, M) - $261, 000 (Due from Seller, N) = -$2, 000
The negative sum generates a "Cash due XFrom __To Seller"
Point of Contact manager was supposedly going to speak with Processor manager to work through the situation. We were going to be updated. Instead, we are still waiting and wondering about RoundPoint Mortgage's ethics policies, communication policies, why a RoundPoint Mortgage Processor would repeatedly request legal documents be falsified (and thus making the rules of math irrelevant), why is it the RoundPoint managers wouldn't step in sooner, and why they left Seller, Buyer, title company, lender and Realtors hanging at the beginning of a holiday weekend when we were told by Point of Contact, Armando, we would hear back from someone today.
Details fell through the cracks and misunderstands abound due to limited flow of communication that's restricted to relay through Single Point of Contact and inability of title company to speak directly with RoundPoint throughout transaction. Horrible experience and a health hazard for anyone with high blood pressure.
WARNING: 8.5 MONTHS MAY BE REQUIRED FOR CLOSING AN ACCEPTED OFFER TO PURCHASE ON A ROUNDPOINT MORTGAGE SHORT SALE PROPERTY and FALSIFICATION OF LEGAL GOVERNMENT DISCLOSURES MAY BE ASKED OF YOU AS A CONDITION OF FINAL CLOSING DISCLOSURE APPROVAL.
RoundPoint Mortgage Servicing Corporation Reviews
I lost my job last October and could not afford my bills. I contacted RoundPoint Mortgage Company to do a short sale on my house in Bluffton, IN and they sent me the forms to fill out. I was behind on my account and informed me I had to make my account current in order to do a short sale. My family paid the missed payments and brought it current. I filled out the forms for short sale but I was denied because they claim there was missing information! My realtor I had with Coldwell Banker in Bluffton, IN dropped me as they were not helping me and my daughter chewed Jody out. He got mad an started yelling at my daughter by saying that house is in horrible shape, cannot show it as it needs to be cleaned up, and the loan is to high on the house as it needs a lot of work. He had put a for sale sign in my yard when I was clearing the house out and was going to send my GPS to me in Texas as I relocated there last November. However, he never sent my GPS so my daughter chewed him out for that too. Since he dropped me my daughter contacted another realtor in Bluffton. His name is William McBride and he would have to look at the house, talk to RoundPoint before making a decision to help me. He went to look at my house an said in order for him to do analyze on the home, I had to remodel and turn the utilities back on. My family spent $10,000 for remodeling, plumber for leaks, new water heater, carpets cleaned professionally, paid for utilities to be current, and turned back on. I called William McBride to see the house again to see what he thought. We called RoundPoint to speak to my account portfolio specialist, Chris to do a 3 way call with us & William McBride to discuss what paperwork needed to be filled out. When William found out what paperwork was needed he yell at us, was very rude an said I am backing out as I will lose commission, and too much paperwork involved. I offered to pay for lost wages but still would not accept it, refused to help me, did not give us the information we needed on the analyze on the house, and hung up! I gave up on short sale as RoundPoint denied it because of missing information. We tried to do a deed-n-leiu but it was denied because they claim that Hud/FHA requirements are is a listing agreement from a realtor. I explained to them I called every realtor in Bluffton and no one will take my case. They told me in order to move forward you must contact a realtor an have them list it. I told them the next town was Fort Wayne which is 40 miles or so one way and several realtors I called said it was not worth it. Now RoundPoint said can you contact the realtor to see if I can get a copy of the listing agreement from Coldwell Banker & William McBride for the analyze of my house to see if that will accept it. I have been sitting here for almost a year, and no help from RoundPoint. They are stringing me along and I am scared they will screw me by hitting me with fees & foreclosure. John Bluffton, IN
I made a $4000 payment last month. My required monthly payment is $1954. Instead of crediting the extra payment amount to the principle balance, they doubled my interest (my interest payment went to $1910.60 - which, obviously, if that were my monthly interest payment, I would never make any progress on this loan, with the escrow), and doubled my escrow contribution. This receipt says my next payment is due in January, so - what they did is treat this payment as if it were this month's payment, and then next month's payment sent next month. My contribution to principle was merely doubled, just as if it were two payments a month apart.
This is illegal and violates the terms of the mortgage. The terms say that there is no prepayment penalty, but effectively doubling my monthly interest rate is a substantial penalty. I will be seeking legal assistance if they do not correct this immediately, tomorrow. I am extremely upset by this outright duplicitous practice.
Imagine if I did not carefully inspect my payment receipt - I could proceed in full faith as if my extra payments were having the desired effect, when, really, the only effect they would ever have would be to double my monthly interest rate. These clowns ought to be investigated. Who knows how many homeowners out there are currently being taken to the cleaners, and by the time they find out, they'll have no legal recourse.
After 8.5 months with an accepted Offer to Purchase, Seller and Buyer are unable to close by deadline -- AGAIN. This time it's because Processor requests we falsify calculation section on Closing Disclosure (among other things) and we refuse to falsify.
Delays, incompetence, request to falisfy Closing Disclosure is the 1,2,3 of how RoundPoint Mortgage Short Sale Processor conducts business. Communication??? Forget it. News of rejected disclosure and other descrepancies preventing closing arrived late morning August 30th. Closing was scheduled for 8:00 a.m. August 31st.
1. Processor insisted listing and offer deadlines were expired when they weren't.
2. Processor insisted there was a discrepancy between list price in the MLS ($269, 900) and an Amendment to the list price ($250, 000).
It took 2 full days of resending documents and spelling it out in emails via Point of Contact and his manager to remove this new obstacle to closing. Over and over again, after pointing out Processor was confusing Listing Contract with Offer Contract, we'd receive email stating, "Listing Amendment with $250, 000 price needed for approval." After 2 full days of constant back and forth, Processor finally must have realized she was looking at an Amendment to the Offer, not listing, because the discrepancy obstacle disappeared without explanation.
3. Painfully on-going. For 3 DAYS we've been in back-and-forth communication through Point-of-Contact, Armando, trying to get a Closing Disclosure together that's acceptable to Buyer's lender, title company and RoundPoint Mortgage Short Sale Processor. At the bottom right of the CD is the "Calculation" section. The bottom line reads "Cash __From __To Seller." Above this line is the total from Section N and above that line is the total from Section M.
Total of Section M - total of Section N = sum due to or from Seller.
It's a computer generated grand finale line on the form and devised so once sections are totaled, a mathematical formula generates the check mark in appropriately. The check mark in the "Cash __From __To Seller" line cannot be placed arbitrarily.
M = "Due to Seller at Closing"
N = "Due from Seller at Closing"
If "M" is greater than "N, " M - N = positive sum.
The check mark is computer generated to always show up as "Cash __From X To Seller" when the amount of M- N = a positive sum. Because more was due TO Seller at Closing (M) than was due FROM Seller at Closing (N).
If "M" is less than "N, " M - N = negative sum.
The check mark is computer generated to always show up as "Cash XFrom __To Seller" when the amount of M - N = a negative sum. This is because more was due FROM Seller at Closing (N) than was due TO Seller at Closing (M).
3 Days prior to closing -- after Seller and Buyer have been waiting 8.5 months and another Amendment to extend closing is needed if it doesn't close -- we are told by Point of Contact the Closing Disclosure is rejected.
Processor insists through 3 full days of communication through Point of Contact that Section M must total $261, 000 and Section N must total $259, 000 and the "CALCULATION" Section must read "Cash XFrom __To Seller $2, 000."
3 FULL DAYS of title company and Buyer's Lender pointing to the mathematical formula regulating the Calculation Section. 3 Full Days of trying to explain to everyone involved why RoundPoint Mortgage Short Sale Processor continues to reject the Closing Disclosure because the $2, 000 that's due from Seller at Closing is listed in Section "N", titled, "N. Due from Seller at Closing" and insists on continual rejections of CD until Processor sees the $2, 000 that's due from Seller at Closing listed in Section "M, " titled "M. Due to Seller at Closing."
Processor demands the following for approval of Closing Disclosure:
M (Due to Seller) $261, 000 - N (Due from Seller) $259, 000 = $2, 000
Positive sum always generates a "Cash due __From X To Seller" check mark. RoundPoint Mortgage Short Sale Processor says keep the figures where they are and move the check mark from "XTo Seller" to "From."
It should read:
$259, 000 (due to Seller, M) - $261, 000 (Due from Seller, N) = -$2, 000
The negative sum generates a "Cash due XFrom __To Seller"
Point of Contact manager was supposedly going to speak with Processor manager to work through the situation. We were going to be updated. Instead, we are still waiting and wondering about RoundPoint Mortgage's ethics policies, communication policies, why a RoundPoint Mortgage Processor would repeatedly request legal documents be falsified (and thus making the rules of math irrelevant), why is it the RoundPoint managers wouldn't step in sooner, and why they left Seller, Buyer, title company, lender and Realtors hanging at the beginning of a holiday weekend when we were told by Point of Contact, Armando, we would hear back from someone today.
Details fell through the cracks and misunderstands abound due to limited flow of communication that's restricted to relay through Single Point of Contact and inability of title company to speak directly with RoundPoint throughout transaction. Horrible experience and a health hazard for anyone with high blood pressure.
WARNING: 8.5 MONTHS MAY BE REQUIRED FOR CLOSING AN ACCEPTED OFFER TO PURCHASE ON A ROUNDPOINT MORTGAGE SHORT SALE PROPERTY and FALSIFICATION OF LEGAL GOVERNMENT DISCLOSURES MAY BE ASKED OF YOU AS A CONDITION OF FINAL CLOSING DISCLOSURE APPROVAL.