Consumer complaint received 2022-03-20
Company: Idaho Housing And Finance Association
State: IL
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I entered into forbearance on my investment property in XXXX of XXXX. I called to make arrangements and started paying my mortgage in full starting in XXXX of XXXX. I formally submitted all documents to my lender HomeLoanServ on XX/XX/XXXX ( and I have a letter from them declaring this as fully completed ). To formally end my forbearance, I have been instructed to submit documents as I have and I've been instructed to keep paying my mortgage. I have to date paid four consecutive on-time mortgage payments and will be paying my fifth in about a week. The final step to ending my forbearance is my receiving, signing, and notarizing of a government-generated ( not sure if state-level or federal ) document to being mailed to my address here in XXXX, IL. Once I get that document signed and notarized and sent back to the mortgage company, I will be officially out of forbearance. 

The issue I am running into is that this document should have arrived at 30 days after submitting all of my documents, only to later hear from my lender that it would likely take 60 days - that would have been the very tail end of XXXX for the 30 day estimate, and the tail end of XXXX for the 60 day estimate. Its now approaching XXXX. After speaking with the finance company in follow up, they told me that they have been advised to tell folks to " expect this to take 60 days instead of XXXX, but it will in reality be closer to 120 days '' 120 days from submission would put this document in my house this coming week and I have no reason to feel assured that this document is going to be produced any time soon. I am currently in the process of refinancing this home so I can purchase a new home, and I currently under contract to purchase a new home. If this document continues to be delayed ( and it has already been delayed by a quarter of the year ), I will lose my opportunity to purchase this home and I will lose my earnest money. I already have an extended proposed-closing date set for XX/XX/XXXX. Having fully submitted all documents and fulfilling my obligation in full for going on five months, and with this document being delayed without explanation for almost a quarter of the year, I am starting to grow very worried that I'm going to suffer financial consequences and I am going to lose out on purchasing this home because of this delay. I can't do anything about this, all I can do is stay in limbo and keep paying my mortgage. This home is the dream home for my family at this stage of our lives and we can not risk losing our opportunity to move here, given that we are fully qualified buyers and we have an accepted offer to purchase. 

Please help me to formally end my forbearance by getting this document generated and expedited to my house so I can move on and finish this refinance. This has been going on for a very long time, and I'm not left with any options. My family and I are very concerned about this delay extending another several weeks, and potentially ruining our contract to purchase our new home. We would love to receive an attentive and immediate response here. 

Thank you, XXXX XXXX XXXX

Company response to consumer: Closed with explanation