Consumer complaint received 2022-11-21
Company: PLANET HOME LENDING, LLC
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Dear Sir/.Madam My income is reduced because of pandemic ( Covid-19 ). In addition to my regular full time XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX before pandemic. I also used to teach during summer session at XXXX XXXX before pandemic. But unfortunately I lost my XXXX XXXX job due to pandemic. Furthermore, because of pandemic, my tenants moved out from my house and I lost some of my rental income. It is mentionable that I received The Trial Period Plan for a mortgage modification of my loan from Planet Home Landing, LLC ( my loan servicer ) at the end of XXXX, XXXX dated ( XXXX ) at the fixed interest of 3.125 % which is exactly same rate ( 3.125 % ) as my original mortgage loan except it extended for 40 years from 30 years. I spoke and went over the offered plan 's terms and conditions regarding my loan modification with XXXX XXXX from the Modification Department of Planet Home Lending on XX/XX/XXXX. Then I accepted The Plan, signed, dated and emailed it back on the same day ( XX/XX/XXXX ). Since then I have been continuously making new required monthly payment of {$5100.00} ( includes Principal, interest, Property tax and Homeowner Insurance ). My original regular payment was {$5600.00} ( includes principal, interest, property tax and home owner insurance ). It is also mentionable that XXXX XXXX also took my Financial Intake in the beginning of XXXX, XXXX before offering The Trial Period Plan for Modification of my loan. In addition to that, I never withdrew from The Trial Agreement Plan. My loan was belonged to XXXX XXXX and I spoke to XXXX XXXX official and was confirmed with the XXXX XXXX before I requested for forbearance and before signing on The Trial Plan Agreement with the Planet Home Lending. I received correspondence ( letters ) from the XXXX XXXX XXXXegarding my loan, too. I also never requested to withdraw my loan from the XXXX XXXX  It is mentionable that I was granted forbearance from XX/XX/XXXX to XX/XX/XXXX ( one year ). According to Trial Plan Agreement, I paid 1st Trial Period Payment ( {$5100.00} ) at end of XX/XX/XXXX which was due On or Before XX/XX/XXXX ( XX/XX/XXXX ). I also paid 2nd Trial Period Payment ( {$5100.00} ) at the end of XXXX, XXXX which was due On or Before XX/XX/XXXX ( XX/XX/XXXX ). I also paid 3rd Trial Period Payment ( {$5100.00} ) at the end of XXXX, XXXX which was due On or Before XX/XX/XXXX ( XX/XX/XXXX ). It is mentionable that around middle of XXXX, XXXX XXXX XXXX ( Name Spelling might be wrong ) from the Modification Department of Planet Home Lending called me and told me that " You should soon receive the Final Approved Modification paper, and as soon as you receive it, please sign, date and send it back to us. '' XXXX XXXX also told me, " It might take longer but make sure that you continue the Trial Modified Payment ( {$5100.00} ) until you receive the Final approved Modification Paper. So I waited patiently according to XXXX XXXX 's instructions for the Final Approved Modification Paper and continued making payment ( {$5100.00} ) at the end of XXXX, XXXX for the month of XXXX, XXXX payment, and at the end of XXXX, XXXX for the month of XXXX, XXXX. I have all ( 5 ) monthly bank statements that show the date, months and amount ( {$5100.00} ) I made to Planet Home Lending. After making 5 Trial Payments and after almost 5 months later I received Final Approved Modification Paper which is a complete new loan with a interest rate of 4.875 % for 30 years and monthly mortgage is {$6800.00} ( includes Principal, Interest, Escrow and Home Owner 's Insurance ) that I never signed for it. I can not afford the new {$6800.00} monthly payment for 30 years with a interest rate of $ 4.875 %. 

In these circumstances, I hope that you would be kind enough to contact Planet Home Landing, LLC. XXXX XXXX XXXX, XXXX XXXX XXXX, XXXXXXXX XXXX XXXXXXXX. 
Telephone : XXXX XXXX XXXX and compel the Planet Home Lending to honor the Trial Plan Agreement and send the final Modification approval paper according to The Trial Plan Agreement which I was offered, agreed, signed for in XX/XX/XXXX and fulfilled the all requirements, so that I could stay at my primary home with my children and wife. I am looking forward to hearing from you soon.

Company response to consumer: Closed with explanation