How to Collect Money Owed From a Mortgage Company

It's usually up to the client to request a refund from a mortgage company.

Mortgage companies and banks can make mistakes and apply payments to the wrong accounts, which can result in an overpayment in escrow for the mortgage company's client. In fact, the websites of multiple tax collectors across the U.S. specifically address this common problem. When an overpayment is made to or by a mortgage company, whether it's in escrow or on a mortgage balance, the client is entitled to request a refund. If the mortgage company refuses to address the problem, hiring an attorney might be necessary.

Instructions

1. Gather documents to support your claim that the mortgage company owes you a refund. Find any canceled checks, bank statements and billing statements to prove an overpayment was made. Make copies of these documents and keep the originals for your records.

2. Send a written request to your mortgage company. Using a professional letter template in a word processing application, fill in the appropriate address information, reference your account number and date your letter before beginning the body of your letter. Include a statement within the body of your letter requesting a refund of the overpayment. Use polite, professional language and be concise. Sign your letter, attach the copies of your supporting documents and mail the package to your mortgage company.

3. Contact your mortgage company in person or by phone and follow up on your written request within two weeks of mailing it. Ask to speak to a supervisor or account manager and explain that you submitted a letter of request for a refund. Verify that the letter has been received and ask for a deadline of when you can expect a resolution.

4. Consult with an attorney who practices real estate law or who is familiar with consumer rights in banking. Look for one who offers free consultations. Explain why you think you are entitled to a refund and ask if the attorney feels any laws have been broken. If so, seek advice on how to proceed. Consider contacting your state attorney general's office for help. Notify the mortgage company if you obtain a lawyer, or intend to file a consumer complaint against it with your local Better Business Bureau or state attorney general, and again ask for a resolution.

References

• Stark County Treasurer: Real Estate Overpayment FAQ
• HUD.gov: FHA Homeowners Fact Sheet
• Somerville, Massachusetts: Treasurer/Collector -- Refund Request for Credit Balances
• Central Mortgage Company: FAQ
• York County, South Carolina: Tax Collection