Complaint / review text:
B of A also sold our loan to Carrington in April 2015. I experienced the very late notice, etc. But folks, it gets worse. Carrington sent me a new escrow statement — they have decided to collect 1/6 of our escrow amount in accordance with federal law. Our payment is going up by almost $70.00/month. B of A never did this. So when I called Carrington customer service and told them they needed to treat us exactly like B of A did, and not collect the escrow cushion, all I got was, "Well, federal law allows us to collect 1/6 and it's company policy."
We feel trapped. I cannot believe that Carrington can do this and we have no recourse at all. Not sure where to go from here now. Amazing how none of us had a choice about Carrington. The loan was sold to them without our consent or assent. I do think that the big banks like Carrington MUST be broken up. They could care less about their customers, which shows in this ridiculous escrow cushion. If you all weren't aware, the big banks are now worth MORE than they were before our tax dollars bailed them out. How is that possible?