Completely Legal Mortgage Scam

As some of my followers already know, I lost my job back in August.  During this time of hardship, I admit I have been forced to let some bills slide.  One of the bills that has been slipping is my mortgage. As with anyone else, feeding my family comes first.

Once I finally got unemployment started, food stamps began, and my student loans were deferred, I began sending money to all of those I owed.  The fifty dollar check I sent in September, they accepted without problem.  I finally received my first check from the insurance that will cover my house payments while I am unemployed.  Those payments require endorsements from both myself and my mortgage lender.  The moment I received that check, I sent it right out to my lender. 

I was about to send another payment when I checked my account online.  Neither, of the last two payments had been applied.  Considering the first had been in my lenders hands for a week, I panicked. I didn't want to send my third payment to the same black hole, after I received a noticed telling me I only had thirty days to catch my account up.  I contacted my lender to find the status of the application of those last two payments only to find that my first payment had been rejected.

Apparently it is completely legal to reject those payments.  In fact, according to the collections representative at my mortgage company, at this point they will not accept anything except one lump sum payment.  Meaning, I assume, that they plan to reject the payments from my insurance company.

Perhaps the U.S. Government should investigate this issue.  They may find it is the root to numerous foreclosures our economy has suffered over the recent years.  As I have discovered during this ordeal, nothing can be done quickly.  It took three weeks to get my first unemployment check, a month and a half to receive food stamps, and another month and half to obtain all of the information for my insurance company.  That means, those people who don't have a several of months worth of income saved, will find themselves in this same situation.

Be forewarned, if you have a job now, save as much as you possibly can.  With this economy it could be gone tomorrow, and you could find yourself homeless.  Mortgage lenders, unlike any other establishment you may owe money too, will not be willing to work with you on repayment.  Instead, they would rather add another foreclosed home to their books that they will be unable to resell.