Consumer complaint received 2022-01-11
Company: MONEY SOURCE, INC., THE
State: SD
Product: Mortgage
Sub-product: FHA mortgage
Issue: Struggling to pay mortgage

Complaint:
I bought my home in XXXX XXXX with an FHA loan and am facing a sale date on XX/XX/XXXX by the servicer Money Source. I have gone through a difficult time and hardship due to Covid, crippling sickness for my mother and father ( now deceased ) and also because my fiancee moved out. I have never been considered for the government CARES Act Forbearance plan or been considered for loan modification by the servicer Money Source. I am trying to get them to postpone my sale date so that I can be considered for these government programs. I have been told that Money Source is required by the government to review me for both of these programs, but they are denying me access. I have gone through a very difficult two years and when I got back on my feet I contacted them several months ago to try and resume payments and was told that I had no options other than to pay back all the missed payments in one lump sum. This was not possible at the time, I wanted to resume making regular payments to fix this problem but they told me no. They said that was my only option, but now I have found out that since I have a government backed loan I should have been reviewed for the CARES Act forbearance program or for a loan modification, repayment plan, partial claim or forbearance. None of this happened and I am facing the loss of my home in a matter of days. I have tried calling Money Source several times to explain and request that they work with me, but they transfer me from department to department and tell me there is nothing they can do. I bought my home with an FHA loan in XXXX and made an {$11000.00} down payment. I have worked as an XXXX XXXX XXXX XXXX for 9 years and with my income and the help of my fiancee had no problem keeping up with the bills. However in XX/XX/XXXX my fiancee left me and I was in a difficult financial position. Just a few months later Covid hit and it impacted my hours at work. This also coincided with my father 's XXXX and XXXX getting worse to the point that he had to eventually go into hospice. At the same time my mother was going through XXXX treatment so I had to help them both out with transportation, appointments, prescriptions etc and was unable to keep up with my bills. At the time I was so overwhelmed between all of this chaos that I did not ask for help from Money Source because there was no $ $ to pay them. 

Things started to come back together for me in XXXX and work resumed with regular hours and my father passed. Since I was back on my feet I reached out to Money Source to resume payments but was told it was too late. No one at Money Source explained that the government had the CARES Act available for borrowers struggling with government loans -- -nobody told me that I could apply for a modification or some type of restructure of my loan, instead they just turned me down. I realize that this is last minute, but I believe I deserve a chance to at least be considered for these programs before they take my home away.

Company response to consumer: Closed with explanation