Homeowner? Class Investigation for Failed Interest Payments by Mortgage Lenders
Nov 02, 2018
November 2, 2018 – We are seeking to speak with homeowners whose mortgage lenders have failed to pay money into their escrow accounts. Mortgage lenders in several states, including Minnesota, must comply with laws that require them to pay interest on money held in escrow accounts.
For example, in Minnesota, a mortgage lender that requires funds of a mortgagor to be paid into an escrow account for the purpose of payment of taxes or homeowner’s insurance premiums is required to pay interest on the escrow account of the borrower at a rate of not less than 3% each year. Failure of a lender to make timely interest payments and comply with these statutes may entitle homeowners to recover damages and penalties from these lenders.
Other states, including Iowa, New York, Oregon, California, Utah and several New England states, have similar laws to hold mortgage lenders liable.
How do I know if my mortgage lender is failing to pay the required interest?
Homeowners should review their year-end mortgage statement to see whether the lender is paying interest into their escrow account. Our attorneys can assist in reviewing your mortgage agreement to assess whether you’re receiving the required interest.
My lender is failing to pay the interest, now what?
If you are a homeowner and believe your mortgage lender is failing to pay the required interest into your escrow account, the attorneys of Baillon Thome Jozwiak & Wanta LLP want to hear from you. Please contact us by clicking here or calling 612-252-2570.