Target Servicing is a financial services company that specializes in mortgage servicing. The company has been the subject of numerous complaints and claims over the years, which have raised questions about its operations and practices.
In this article, we will explore Target Servicing claims and what you need to know about them.
What is Target Servicing?
Target Servicing is a Massachusetts-based company that provides mortgage servicing for loans that are owned by investors such as Fannie Mae and Freddie Mac. The company’s primary role is to collect monthly mortgage payments from borrowers and pass them along to the owners of the loans.
Target Servicing is not a lender and does not originate loans. Instead, it acquires the servicing rights to existing loans from other financial institutions.
Target Servicing has been the subject of numerous claims and complaints over the years, with many borrowers alleging that the company engaged in deceptive practices and mishandled their mortgage accounts.
One of the most common claims against Target Servicing is that the company mishandled borrowers’ accounts by failing to properly credit payments, misapplying funds, or charging improper fees.
According to a report by the Consumer Financial Protection Bureau (CFPB), Target Servicing was one of the most complained-about mortgage servicers between 2013 and 2017. During that time, the agency received over 1,000 complaints about Target Servicing, with many of them involving allegations of mishandled accounts.
Another common claim against Target Servicing is that the company engaged in deceptive practices. For example, some borrowers allege that Target Servicing told them that they had to pay for unnecessary services or charged them for services that were never performed.
In 2018, Target Servicing entered into a settlement with the CFPB over allegations that it engaged in deceptive advertising practices. The company was accused of falsely claiming to offer interest rate reductions and other benefits to borrowers who refinanced their mortgages with Target, when in fact these benefits were not actually available.
The settlement required Target Servicing to pay $2.4 million in restitution to affected borrowers and to reform its advertising practices.
What You Can Do If You Have a Claim Against Target Servicing
If you believe that you have a claim against Target Servicing, there are several steps that you can take to protect your rights and seek compensation.
First, you should gather all relevant documents and information related to your mortgage account, including payment records, correspondence with Target Servicing, and any documentation of fees or charges that you believe were improper.
Next, you can file a complaint with the CFPB or another government agency that oversees mortgage servicing. These agencies can investigate your claim and potentially take legal action against Target Servicing if they find evidence of wrongdoing.
You may also wish to consult with an attorney who specializes in mortgage servicing claims. A skilled attorney can review your case and help you understand your legal options for seeking compensation.
Finally, if you believe that Target Servicing has violated your rights under federal or state consumer protection laws, you may be able to file a lawsuit against the company. A lawsuit can help you recover damages for any financial harm that you suffered as a result of Target Servicing’s actions.
Conclusion
Target Servicing claims have raised serious concerns about the company’s operations and practices. If you believe that you have been harmed by Target Servicing, it is important to take action to protect your rights and seek compensation.
By gathering information, filing a complaint with a government agency, consulting with an attorney, and potentially filing a lawsuit, you can hold Target Servicing accountable for any wrongdoing and ensure that you receive the compensation that you deserve.