Real Estate Law
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There is no global time limit on preservation of mortgage servicing records which covers all loan servicing agents. The Real Estate Settlement Procedures Act (RESPA) requires that mortgage lenders and servicers retain HUD1 statements for five years. 24 CFR 3500.10, but that does not respond to your specific question. The IRS can audit income records forever. IRC 6501(c). However, the National Archivist destroys IRS returns after no more than seven years to save storage space. Therefore, the only real limitation on a servicer maintaining its payment record is that seven-year document destruction deadline. You may have received your three-year number based upon the number of years during which a taxpayer can use records to amend an existing tax return. IRC 6511(a). However, from the lender/servicer's viewpoint, payment records are income, not expenses, so the three-year limitation period is inapplicable. Hope this helps.
the information i supplied was found on the net and was in the form of i think a 12 usc --- but the same wording was also found in somthing from the occ think it was sec 49 somthing
the ting here is is that wells fargo does not have the first 8 years of the payment history 86-94 only part of 94 to 2013 the above question relates to there leagl responsibilty to maintain accurate records of a mortgage in prosess not to mention all the 7 preveious servicers of the loan
does this help
thanks for the response the 1st answer i already had a handle on 2nd answer is closer to the one I am looking for
the 12 cfr regulation is were i was informed that a lender most keep accurate and concise records from the beginning of the mortgage until the loan is satisfied plus 3 yrs
also in my quest for information i read that the occ i think that they now handle the to big to fail banks that they in there part 49 section 49 how ever they classify regulations it has almost the same wording
currently i am in a battle with wells fargo they lost the first 8 yrs of my payment history
also misapplied i think funds to the wrong places as well as sending me a refund in march 2013 of 880$ from money collected during the period of around 2002-2007 with a note saying they admit no wrong doing and this is a one time curtsy refund.
I realize that as a lawyer you get compensated for your intellectual knowledge
i am increasing the amount of payment offered
thank you for your help in this matter
were are you located what county
I agree with the above
as to were you are located you are a lawyer and i may need one or perhaps one for advice so this is sort of like a test drive i like the your style you have re the ratings snip iti have always said if you ask a question or make a statement if you do not like the answer next time do not ask a question however i did not understand how this site works that is way i increased the amount of payment to you
this thing between me and wells fargo is getting hot the legal abyss is mind blowing so therefore question and trying to find the answers is well how and were did they catalog this topic (no you do not want a lawyer you want an attorney)
thank you for the answers to the above now I have more questions I will rate your service a excellent which it is now for the future i would like to keep the dialog going, how do i return to you as you will be most familiar with whats going on
can i request you from the site
thank you g
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