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About Eric Forster
Expertise
Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there.

Experience
More than 25 years in loan production and underwriting in Southern California.

Organizations
Mortgage Bankers of America (Southern California Chapter)

Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.

Education/Credentials
MBA (Finance)

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Fees I don't understand

Real Estate Home Mortgages - Fees I don't understand

Expert: Eric Forster - 9/7/2009

Question
Hi Eric, Hope you can help. We filed bankruptcy in may 09 an it was discharged sept 24.We signed a reaffirmation with our mortgage co. Litton Servicing. I cannot get them to give me any info.On our Transaction page online they show the following.
7-20--fee assesment- 41.87
7-20--fee waiver--- 41.87
7-20--reverse payment-985.48
7-20--forbearance suspense-985.48
7-28--reverse suspense-----985.48
7-28-- forbearance suspense--54.29
7-28--suspense adjustment----54.29
7-28--principal curtailment---54.29
8-04--forbearance------------54.29
8-04--suspense adjustment----54.29
8-04 --principal curtailment--54.29
Can you explain what they mean so I can understand it. We have never missed a payment even through the bankruptcy period. our taxes and insurance are included in the payment.Please answer asap. Thanks

Answer
Lee -

Transaction pages make for a very dull reading. They are really just ledger entries, and in your case, they don't tell us much - just a bunch of charges which are reversed a day or two later.

While you were in bankruptcy, Litton created a Forbearance account to be used if you hadn't made your monthly payments, but since you were making your monthly payments, the account would get reversed, or 'zeroed out', as your payments came in. The bottom line is neutral, with no unusual charges against your account.

Eric

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