Product: Credit reporting or other personal consumer reports

To Whom It May Concern, My husband and I just learned that we are victims of a predatory loan completed by Carrington Mortgage. We did not understand what we were signing up for and nothing was explained to us in detail. If we understood what we were signing up for, we would have not followed through with this loan as we are in a worse position than we were before. Now that we understand we were misled, we are more thoroughly reading the documentation, and these are the things we recently discovered. 

On XX/XX/XXXX, we closed on our first mortgage with as a 30-year FHA loan for {$180000.00} at 3.75 % interest rate. Our principal and interest payments were {$860.00}. At the time of the modification, we only owed {$160000.00}. Right now, we owe a total of {$170000.00}. 

On XX/XX/XXXX, we did a loan modification with Carrington Mortgage for {$120000.00} at 7.625 % interest rate. Carrington also changed our mortgage from a 30-year loan to a 40-year loan. Our principal and interest payments were changed to {$820.00}. We also now have a HUD loan for {$51000.00} even though the difference was {$46000.00} between what we owed and what we now owe. Our realtor suggests that the difference of {$4700.00} was likely closing costs and we did not know we were paying closing costs. Documentation from Carrington states, You will not be charged any fees for this trial period plan or a permanent loan modification. This information has been highlighted and included with this letter. If it wasnt closing costs, where did that money go? 

Additionally, last year we averaged about {$30.00} per month off principal where our prior loan we were averaging over {$300.00} per month on principal. 

My husband and I had no idea that we were digging this hole for our family. Nothing was explained to us, and we feel misled. This has affected us negatively as this modification delayed my husbands hiring process for a federal government position from XXXX XXXX XXXX and he has lost 3 months of seniority. This loan modification has affected our credit scores when we were originally told it wouldnt. I advised Carrington in the beginning stages of the loan modification process that if this would affect our credit scores, I did not want to follow through with the modification. Carrington assured me that it would not affect our credit scores. This has caused us emotional distress because our whole lives were placed on hold while my husband was trying to better himself and pursue his career. In turn, our family of 5 struggled financially.

Regarding current situations with Carrington, Carrington substantially raised our escrow every year and never sent any documentation about why or how they came to the calculations. It also appears on my credit report that Carrington didnt report several months of payments in XXXX and XXXX and reported a late payment in XX/XX/XXXX which is not accurate. Carrington shows the payment made for XX/XX/XXXX was made on XX/XX/XXXX. XXXX also shows that the payment made for XX/XX/XXXX was made on XX/XX/XXXX. I have included bank statements showing that the payment for XX/XX/XXXX, was made on XX/XX/XXXX, and the payment for XX/XX/XXXX, was made on XX/XX/XXXX. I have highlighted the withdrawals from my checking account on the bank statements showing that these payments were not late. I do not have any withdrawals for Carrington Mortgage payments on XX/XX/XXXX and XX/XX/XXXX. 

The impact on our credit score has now delayed our home buying process where there is a sense of urgency.

We feel like Carrington took {$4700.00} because we dont know where that money went. Carrington hurt us financially because were only averaging {$30.00} a month in paid principal where before we were paying over {$300.00}. Carrington stole equity from us. Carrington has damaged our credit by not properly reporting money that we paid or not reporting at all. We dont know how to calculate the loss from the hiring delay they caused us with their poor reporting. The new job pay increase was over {$10.00} over his prior job, and we were delayed by 3 months. In addition, this has caused us immense stressed because its affecting my husbands job, our home buying process, and financial obligations. We would like Carrington to provide restitution for all of the above. We would also like you to do whatever needs to be done so that no other family suffers like this. We feel that Carrington is a predatory lender. 

I have attached the following documents to support our claim : Bank statements ( XXXX Monthly Statement and XXXX Monthly Statement ) Payment History Original FHA loan Trial Period Plan Loan Modification Agreement Mortgage Letter