Product: Mortgage

In XX/XX/XXXX our mortgage company, Round Point Mortgage, sent us a letter stating they had miscalculated our escrow account for the past two years and we now owed them {$6000.00}. Their solution to this was to either pay in full the entire debt of {$6000.00}, or increase our mortgage payments starting XXXX from {$1100.00} per month to {$1900.00} for twelve months, and then drop it to {$1300.00} moving forward after the back balance was paid off. We could not afford to make the payments of {$1900.00} and we did not have {$6000.00} in cash to pay off the debt. In XX/XX/XXXX we called them to discuss options and they offered to refinance the mortgage, so we chose to start that process. 

The refinancing process took longer than expected. We started with one agent, then we were switched to another, who did not return our emails or phone calls for over a week until we called the first agent requesting an update. We believe the second agent who primarily worked on our loan was either overburdened, distracted, or inept. He would only ask us for one item at a time, rather than give us a list of things we needed to provide. He outsourced to a third party the task of acquiring the documentation he needed to verify my prior employment, and it took over two weeks to obtain the required information. The information he needed was only obtained after I called my previous employer directly, who told me after multiple attempts they were unable to get in touch with our agent because the number they were given to contact him was always busy. 

During all of this, the second agent indicated that we should not need to make our XXXX mortgage payment because he expected the process would be finished fairly soon. In the first week of XXXX the loan went to underwriting, and was declined. When the first agent called us to inform us the loan had been declined, he told us it was because we had two overdue payments in a 12-month period on our record. The XXXX payment was our second overdue payment in a 12-month period ( the other late payment was in XX/XX/XXXX and was not related to this situation ). We told him the XXXX payment was only late because Round Point had indicated that we did not need to make the payment, and had not at any time requested that we make the payment. He had no resolution for us and offered to help us refinance the mortgage again in XX/XX/XXXX after one of the late payments falls off our record. This was not acceptable because we could not afford the current mortgage payments of {$1900.00}, and did not feel it was fair that our credit was impacted by their poor business practices. Having to make such large payments was causing serious problems with our budget and causing other bills to become late, creating an undue hardship on us. We asked for copies of all of the recorded phone calls between us and both of the agents who were working with us. He said he would talk to his manager to pull the calls but has since stopped responding to us.

Since that time we have made all subsequent payments and our mortgage payments are now up to date. We ended up borrowing the {$6000.00} from a family member to bring the escrow account current so that we could afford our future mortgage payments. Now we are concerned about the XXXX late payment damaging our credit scores and future ability to obtain an equity line of credit for debt consolidation purposes.