Wednesday, October 5, 2011
How to Delay a Mortgage with a QWR
You have a right to a timely and thorough response to your written inquiries. Banks wish you never heard of a Qualified Written Request (QWR).
Under Section 6 of RESPA is a requirement that lenders must acknowledge your inquiry within 20 days and respond thoroughly to your inquiries within 60 days. This request for a modification, there is a way to hold their feet to the fire. By sending a qualified written requestsuch as your hardship letter, request for additional concessions and request for itemization of feesyou force the banks to respond in a timely manner. This gets you priority in an overworked or understaffed loss mitigation department.
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ReplyDeleteWhen attempting to receive information from a lender or servicing company, owners can take advantage of their legal opportunities under the Real Estate Settlement Procedures Act to send a Qualified Written Request (QWR). A QWR is meant to help borrowers raise disputes with their mortgage servicer and have those issues resolved in a timely manner.
for more information visit-qualified written request