Consumer complaint received 2023-06-27
Company: Finance of America Holdings LLC
State: CA
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Trouble during payment process

Complaint:
First, Finance of America holdings , LLC has committed unfair acts and/or practices by failing to accurately review, process, track, and communicate to me, the borrowers heir, information regarding the application for loss mitigation options. Second, Finance of America Holdings, LLC has committed deceptive acts or practices by sending loss mitigation application acknowledgment notices that misrepresented the status of borrower application documents as received or missing and provided inaccurate due dates for submission of requested application documents. Third, finance of America holdings, LLC has violated the provisions relating to loss mitigation procedures in Regulation X, 12 C.F.R. {$1000.00}, the implementing regulation of the XXXX Real Estate Settlement Procedures Act ( RESPA ), 12 U.S.C. {$2600.00}, et seq., by ( XXXX ) sending acknowledgment notices that failed to state the additional documents and information that I needed to submit to complete the loss mitigation applications ; ( XXXX ) failing to provide a reasonable due date for submission of borrower documents ; ( XXXX ) failing to exercise reasonable diligence in obtaining documents and information necessary to complete borrowers ' loss mitigation applications ; ( XXXX ) failing to properly evaluate borrowers who submitted complete loss mitigation applications for all loss mitigation options available to the borrower; and ( XXXX ) failing to treat certain applications as " facially complete '' when required under Regulation X. Fourth, because Regulation X is a Federal consumer financial law, Finance of America holdings, LLC violations of Regulation X also constitute violations of the Consumer Financial Protection Actof2010 ( CFPA ). 12 U.S.C. 5536 ( a ) ( 1 ) ( A ). Under S {$1000.00} and 1055 of the CFPA, 12 U.S.C. S 5563, 5565. 
As the borrowers ( my deceased mother ) successor Trustee of her living trust, I notified FAR of her death on : around the end of XXXX. FAR sent me a letter of intent and the instructions detailing the reverse mortgage default options available. On XXXX, XXXX, XXXX   I emailed a completed letter of intent, the entire trust agreement for the living trust and a copy of the death certificate that had just been received from the mortuary. 
A confirmation of the receiving the docs was emailed to me, ser attached. Then approximately a week later, I spoke with a representative about my intent to sell the property. She instructed me to send in a copy of the XXXX sign which I did. On XX/XX/XXXX I received s letter from FAR stating they needed an updated more legible copy of the XXXX. 
This documentation was required in order to request an extension to defer the inherited reverse mortgages loan balance of approximately {$420.00}. XXXX letter clearly stated the updated documentation was die by XX/XX/XXXX. The updated XXXX sign was resubmitted XX/XX/XXXXXXXX  via email. A confirmation of was received was emailed See attached confirmation of receiving the email. 
On XX/XX/XXXX, I contacted customer service with questions about charges on the statement, After speaking with customer service I was notified that the foreclosure procedures on the reverse mortgage, were initiated XX/XX/XXXX. Finding this news to be shocking and surprising, I asked to speak with a supervisor. The lead supervisor Bill advised me that the death certificate had never been received. I advised Bill that this was a falsehood and I sent him proof of that document being received XX/XX/XXXXXXXX Bill also stated initially that the extension documentation the XXXX  by owner sign Was never received. I also sent him proof of The documents being received on XX/XX/XXXX. Bill then he stated the email was received too late and that foreclosure proceedings begin two days prior to that on XX/XX/XXXX. 

This company failed to notify me of any such proceedings. I was never notified of the deadline of XX/XX/XXXX. I was never assigned a point of contact person. The only correspondence received was the initial letter of intent forms to fill out. And a letter dated XX/XX/XXXXXXXX  requesting additional documentation due by XX/XX/XXXX. FAR has been negligent and has acted with malicious intent to foreclose on this property. As a result, the loan has wrongfully been referred to an attorney for foreclosure. And I am unfairly being assessed attorney fees, penalties daily. The resolution for this serious matter is to immediately reverse and credit, the loan balance with unfair attorney fees and penalties, etc.. FAR and FAR HOLDINGS LLC have over 200 complaints and this warrants an investigation by the CFPB

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation