Whether you overpaid your mortgage erroneously, getting your money back will be a priority so you can balance your books. When you discover the situation, act quickly to collect money owed from a mortgage company. With attention to detail, the mortgage company should respond promptly to your inquiry to resolve the situation and make it right.
Determine why the mortgage company owes you money. If the mortgage company overcharged you or made a similar error, the company should also pay you any interest accrued at the same rate as your loan. If the money owed you is a result of your overpayment, the mortgage company will not owe you interest. If you cannot determine this information yourself, call the mortgage company and speak with a representative to find out the details about the money owed.
Write the mortgage company a letter to request a payment of the money owed. Include your full name, address and account number in the letter. Explain the details behind the money owed – whether it occurred because of the mortgage company’s error or your own overpayment. If the mortgage company made the error, include a request for interest at the same rate of your loan with your request for the reimbursement. Close the letter by asking the mortgage company to issue the refund within 30 days and sign your name.
Mail the letter to the mortgage company via certified mail with a return receipt requested.
Follow up with the mortgage company if 30 days elapse and you do not have your refund. Call the mortgage company and speak with a representative to find out when you can expect the refund. If speaking with the representative does not resolve the matter, ask to speak with a supervisor or manager who can resolve your refund request.
- If you cannot resolve the refund situation directly with the mortgage company within 30 days, contact your state agency that regulates mortgage lenders. Visit the Mortgages Financing and Credit website for contact information for regulatory agencies. Once you submit a complaint with the regulatory agency, you will receive information about the standard time frame for resolving the complaint -- generally 30 days.
- If you cannot resolve the situation with the regulatory agency, your only remaining recourse is to hire an attorney and pursue litigation. Weigh the cost of an attorney and litigation against the refund due to you -- it may not be worth the expense. Your attorney will advise you of the best course of action, which may just include a letter from the attorney demanding the refund. The last option would be to file a claim in small claims court.
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