Getting interest we’re entitled to from mortgage bank Lizz Porter asked 11 months ago
Getting interest we’re entitled to from mortgage bank

We’re in California and had a total loss wildfire event in 2021. We closed out our settlement account with the mortgage company back in January, and I’ve been trying to get the interest we’re owed ever since, with no luck.

I found the article on here that includes CA Civil Code §2954.8. (Payment of Interest to Borrower) so I know we’re entitled to 2% or better on our money, and by my calculations it’s almost $6000 we’re due.

I can’t get the Loss Draft Department to give me a specific contact or even department to contact, just get lots of hands thrown in the air and “Sorry, try escrow. I’ll transfer you” and then I get bounced back and forth until I get frustrated and hang up.

I’m working on finding what state/federal agency I need to go to for help, but figured I’d ask here as well. I’m honestly ready to take them to small claims court. I just want the money we’re entitled to so I can buy some furniture for my house!

1 Answers
Demian Oksenendler Demian Oksenendler Expert answered 11 months ago

You might try the California Department of Financial Protection and Innovation. They regulate banks and residential mortgage lenders, and they handle consumer complaints. Link: https://dfpi.ca.gov/

It is also possible (I didn’t look closely at this) that the Federal Consumer Financial Protection Bureau could help. Link: https://www.consumerfinance.gov/

Before going either of those routes, however, you may want to give the bank one last shot to do the right thing by sending a letter or e-mail – no more phone calls. A written complaint outlining the problem, directed to the customer service department, and maybe copied to a couple of others, could do the trick. If that does not solve the problem, the document will provide a nice summary that can be used as the body of a complaint to one of the above agencies. The e-mail or letter will also provide a paper trail that you can use to show whatever agency or court you are in that you tried to resolve the issue.