Homeowners facing foreclosure, along with their lawyers and accountants, need to look at the charges from the mortgage company very carefully indeed. An authority no less than Gretchen Morgenson tells us that “some consumers may be losing their homes unnecessarily or that mortgage servicers, who collect loan payments, are profiting from foreclosures,” and “lenders and loan servicers often do not comply with even the most basic legal requirements, like correctly computing the amount a borrower owes on a foreclosed loan or providing proof of holding the mortgage note in question.”

One researcher found errors or “questionable” fees in almost half the cases she examined: interest rate miscalculation; late fees; overnight mail fees; “demand fees”; payoff statement fees; property inspection fees over and over; checks lost or outright destroyed by the lender or mortgage service company. Mostly little fees here and there, they add up quickly and often exceed $10,000.

Whether you pay on time every month or are one of the many homeowners involved in a foreclosure process — that would be one out of every 196 homeowners — it is always a good idea to keep your records in order… and read those statements carefully!