Consumer complaint received 2022-04-22
Company: Finance of America Holdings LLC
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
Lender : Finance of America , LLC, XXXX Contact Person : XXXX XXXX, XXXX ( XXXX ) XXXX On XX/XX/XXXX I secured a commercial line of credit from Finance Of America , LLC in the amount of {$390000.00}. I bought land on the line of credit for {$82000.00}. I paid {$49000.00} down and the balance on the land was {$340000.00}. I would use approximately {$100000.00} of my own money to complete this project. My intention was to buy the land and build a home on the property, then sell it off. The credit line was set up where I would have a year to finish the project and remove it off of the credit line. Unfortunately, the world shut down right after I closed the loan in XX/XX/XXXX due to COVD-19, and I was unable to secure a building permit for this property until XX/XX/XXXX. 
I received my first draw on XX/XX/XXXX, as I had to break ground first and show work in progress in order to obtain a draw. The first draw was only {$18000.00}, which was not enough to get to the next phase. As a result, I submitted a rebuttal to the first draw on XX/XX/XXXX to get more money, and on XX/XX/XXXX I received {$19000.00} due to submitting the rebuttal. 
The agreement was that I was to make monthly interest payments on the loan until completion of the project, which I did. I stayed current ; I was never late with the loan payments. However, after granting me two extensions, Finance of America ( FOA ) stated that they could not give me any more extensions because I had not completed enough work on the project to substantiate another draw. Which was not true because I had cleared and graded the land, brought in dirt, installed plumbing, paid for the electrical rough-in and built the foundation. I used my own money for most of it. After XX/XX/XXXX I did not receive anymore money from FOA, but I continued to pay the interest. 
I spoke to them several times about the fact that my timeline on the project was completely thrown off due to COVID-19 and I asked if they could give me some type of consideration. After going back and forth, they did not offer anything. 
The company that serviced my loan, initially, was XXXX XXXX XXXX XXXX in XXXX, IL. The loan was sold to XXXX XXXX XXXX ( XXXX ) in XXXX, PA sometime in XXXX, XXXX. I paid my XX/XX/XXXX interest payment to XXXX on XX/XX/XXXX and they accepted it. I called XXXX on XX/XX/XXXX to make my XX/XX/XXXX payment and they informed me that my loan was {$4000.00} plus in arrears and I had to make those payments before I could become current and make the XX/XX/XXXX payment. As I stated, I paid XXXX on XX/XX/XXXX for the XX/XX/XXXX payment due and they had no record of that. In fact, the phone representative told me that my loan was not set up with them until XX/XX/XXXX. I called XXXX and explained the discrepancy to her on XX/XX/XXXX. She told me to submit to her my proof of payments and she would correct the situation. I submitted the proof of payments on XX/XX/XXXX via email and I asked her for a payoff on the line of credit in writing. 
I received a letter from XXXX on XX/XX/XXXX, which was dated XX/XX/XXXX stating they had no evidence of builder 's risk insurance on the property. The letter also stated that I had 52 days to obtain insurance and after that time they would buy the insurance and bill me. I renewed the builder 's risk insurance on this property on XX/XX/XXXX. I then called XXXX to followup on securing the payoff and I told her that I renewed the builder 's risk insurance. She informed me that XXXX had already obtained insurance and that was delaying the payoff process because they had to get their money back. 
I followed up with XXXX again via email and requested a payoff on XX/XX/XXXX. On XXXX/XXXX/XXXX XXXX responded via email and stated that that all the changes had been applied to the account and a payoff had been requested through XX/XX/XXXX. I responded right back to her and asked how long it would take to obtain a payoff since the account had been updated. Her response was that I needed to allow five business days, but it should only take about two more days. 
Today is XX/XX/XXXX and I have not received a payoff. I called XXXX to request a payoff since they were the last servicer on the loan ; however, I was informed by their agent that the loan was sold on XX/XX/XXXX to " XXXX. '' I asked if they had the address and phone number to XXXX. She stated that that was all she had. There was nothing else in her file. I XXXX  XXXX and found that it was an investment company that built condos in XXXX. I called all numbers today and there was no answer. 
I would like to pay this loan off as quickly as possible. This has been very difficult for me. If you can help me secure a payoff amount from Finance of America so that I can close out this relationship I would be forever grateful. Please advise. 

Thank you, abundantly.

Company response to consumer: Closed with explanation