Consumer complaint received 2023-10-11
Company: Fay Servicing, LLC
State: IN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-issue: Fees or costs after closing

Complaint:
I purchased the property at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, Illinois XXXX XXXX XXXX XXXX XXXX XXXX  years ago I refinance the property back in XXXX with the company. 
By the name of. XXXX XXXX. went into bankruptcy Sometime around XXXX. My mortgage was transferred to Fay Servicing. I continue to make payments as I did to XXXX  without any issues until the pandemic hit when the pandemic hit in XXXX of XXXX,. Immediately XXXX of the occupants residing in my building begin to have issues paying rent, which was contributing to the mortgage. One person was immediately fired or laid Off .Another individual Who worked for the airline was only getting paid once a week? Or worked only once a week due to lack of work, he worked for the airlines. Another individual who worked in close quarters with others at a bakery continue to get exposed to the virus from other workers. For XXXX whole year, I struggled to make the payment on time until XXXX of XXXX. I Initially contacted face servicing and asked if there was any way I could XXXX  restructure or modify my loan. I was always told the investors have to make that determination. The investors I don't want to do that. It was always the investors no options. Or additional assistance was ever offered by this entity. 
So I felt I had no other alternative but to sell the property. The amount due on the loan was XXXX sold the Property to an investor who I knew was. 
Good good at maintaining his property. Because I was concerned about the tenants who I had developed relationship with. Over the XXXX  years I had on the building. I sold the building for below market value. To ensure again a smooth transition and that the individual. I sold it to would maintain the building keep the current tenants And keep the property up. 

When I received a copy of the payoff statement. I couldn't believe the exorbitant fees Fay servicing had added on to the pay off. ( I will attach a copy of the payoff ) I neglected To inform you that I have been involved in the real estate industry for over thirty five years. I currently hold a XXXX XXXX XXXX XXXX XXXX XXXX in the State of Illinois. I have also been a notary signed agent for the past XXXX period and upon graduating from grad school. I worked 10 months in a mortgage company. XXXX and natural tin. 
So, I was quite aware that the fees, they included on my pay off were not the norm. THESE FEES WERE unusual For example, they charge me for early payoff. my initial agreement with. 
XXXX  XXXX was that I had to keep the property for XXXX  years. I had the property more than XXXX years. They charge me nadditional fees for that. And then there's a for {$10.00}, XXXX fee, With no explanation!! They just tossed it in. I also went online and review reports regarding Fay servicing and their owner.. So this is somewhat typical of what they do to consumers. I would appreciate any assistance you could provide me. In regard to this ma matter. 
Sincerely, XXXX XXXX XXXX

Company response to consumer: Closed with explanation