Product: Mortgage

XXXX XXXX XXXX and XXXX XXXX XXXX XXXX. XXXX  XXXX XXXX XXXX, CA XXXX CFPB XXXX XXXX  XXXX XXXX, IA XXXX XX/XX/XXXX XXXX : XXXX XXXX XXXX XXXX Dear Sir ( s ) We are writing to you regarding our XXXX FHA home loan. Currently Lender has reneged on forwarding the required fund draws to complete the renovation of our family home. The draw request in question was submitted by our HUD consultant to our Lender over two years ago. They have not provided an explanation or tried to communicate with us on this topic. 

We have included a brief summary and attached supporting documentation : On XX/XX/XXXX, my husband, XXXX XXXX XXXX, and I, XXXX XXXX, received a XXXX renovation mortgage loan from our Original Lender which was later sold to our current Lender. We were extremely excited because this was going to be our new family home it included an Auxiliary Dwelling Unit ( ADU ). This ADU will assist us with our monthly mortgage payment. Together as a family with our XXXX daughters we worked hard to clean up our property to prepare for construction. Once we got our permits, which took some time due to numerous SD country requirements, we were ready to go. Once our permits were issued, we spoke with our lenders draw servicer to let them know we were beginning the major portion of our renovations and needed their support in getting timely fund draws issued. They agreed to support that effort and construction got underway. 

In XXXX of XXXX we broke ground. To help speed up the renovation our subcontractors agreed to do the work and get paid through the fund draws. After the 1st phase of work was completed ( Foundation Grading and digging the retaining wall and 2nd floor footings ). This was the most crucial part of the project when we submitted our next fund draw request through our HUD consultant. After a few weeks went by we called our lenders fund draw servicer to inquire of the delay. We were told that they had submitted it to our lender and that our lender was reviewing our draw request. Several weeks later after frequent attempts to reach our lender failed, we contacted our HUD consultant. The consultant told us that our lender had contacted him after reviewing our draw request and asked him his opinion if they should approve our latest draw. To date our Lender has not communicated as to why our fund draw were not sent to us. Although we have tried to communicate with them through every means possible including emails, phone calls, and letters with no response or resolution from our lender. We are seeking your assistance to help get a resolution. We would like our lender and fund servicer to cooperate with us and provide our fund draws in a timely manner, so we complete our renovations and make our family home livable. 

In addition to the above statement our lenders lack of cooperation has resulted in a great amount of lost time, money and other damages that has affected the completion of our home renovations. We have had to cover costs out of pocket associated with this XXXX renovation loan that should have been covered by the draws. Not to mention we paid interest on the full amount of the loan for over a year even though our lender has not forwarded almost half of our loan balance to us as part of the renovation agreement. 

In XXXX of XXXX we stop paying our mortgage in an attempt to escalate our concerns to our lender who had not returned our calls ( letters or emails ) or tried to contact in any other way in over a year despite numerous attempts on our part. We have received calls from their loan payment servicing company to ask us for payment, however we have continued to ask them to transfer us to our lender before we make any further payments to discuss why they have not forwarded us our fund draw request made in XXXX of XXXX. 

PS Our first draw was for architectural drawings and initial permit review, the Second draw was for the updated architectural drawings to remove costly SD country requirements and secondary permit review. The next draw was for the building permit, construction permits and tree/site debris removal. These represent draws that were submitted and paid by either our original lender and ( or ) our current lender. Our lender did not indicate prior to making the final draw request that they would not forward the requested renovation draw funds in a timely manner. Thank you in advance for your attention to this now urgent matter. 






Thank you, XXXX XXXX and XXXX XXXX XXXX XXXX XXXX