Consumer complaint received 2017-07-06
Company: ARVEST BANK GROUP, INC.
State: CA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Struggling to pay mortgage

Complaint:
Summary of the problem
---------------------------------
 Arvest Central mortgage told me in XX/XX/XXXX that they have modified my Loan which could mean permanent Modification for life time of loan but instead quite misleading.It was like Forbearance or temporary only for 3 years especially when I will be soon XXXX years old with several medical issues. I certainly do not have any problem making my mortgage payments including property taxes and insurance at 2.0% interest rate all my life, but increasing beyond that will be struggle to make those payments.I have never defaulted my loan payment for last 16 years when I purchased this home.
.As such I request CFPB help me to resolve case in my favor as it is only fair. Following communication between myself and Arvest Central Mortgage indicates magnitude of problem. Should you need more supporting documentation please ask.Thanks much. XXXX XXXX  XXXX 


---------- Forwarded message ----------
From: XXXX XXXX  
Date: XXXX, XX/XX/XXXX at XXXX XXXX
Subject: Fwd: ARVEST CENTRAL MORTGAGE COMPANY
To: XXXX-XXXX XXXX  of XXXX-XXXX 

Dear XXXXXXXX  XXXX,
 I am receipt of your letter of XX/XX/XXXX. I vehemently disagree with the arguments you have made in that letter for not to justify for Loan modification due to following reasons:
1] Because I have regular stream of income I never have defaulted on my monthly mortgage payments. Certainly by modifying loan temporarily which is really Forbearance not really modification I could make my payments without any stress. You never offered me permanent modification.

2] Your reason for declining my Loan modification again is my Debt/Income ratio is high. I do not understand your guidelines which are only greed driven but I have no problem nor had previously topay $XXXX at 2.0% interest. Despite my advanced age and medical problem my financial hardship at XXXX years old is more than at XXXX years old. Anybody can understand as my medicalinsurance Premiums, Co-payments and vulnerability to diseases increases it puts burden on my finances.Contrary to what any logical thinker would say you are saying my financial hardship is over. This is ridiculous and ludicrous statement.

3] Yeswhen yourejected my loan modification due to higher debt/Income ratio I said on phone no need to worry I can meet that requirement at current interest rate because I have somesavings as an Emergency fund as a supplement which could take care of my health or mortgagepaymentif any time my income diminishes below certain level may be due to my health. That does not mean same thing I am out of woods or No Financial Hardship. Please do not put words in my mouth that I am out of Financial hardship. You are just manipulating to your benefit what I had said. This is simply Exploitation, Extortion of Senior Vulnerable citizen. It show your corporation is only driven by Greed by use sales pitch that you helping vulnerable borrowers during their Financial Hardship.

4. You are also saying you cannot give me Forbearance Loan for 3 years with monthly payment only $XXXXbecause my Income/Debt ratio is low but with same breath demand from $XXXX. Now if you think I can pay $XXXX why cannot I pay $XXXX. Does Debt/Income ratio get better with step modification.That is again ludicrous. 5. You are also saying if you modify my loan my monthly payment will be higher like$XXXX.The definition of Loan modification is an intent to make mortgage payment affordable not worst for borrower. That is very misleading statement you are making.

 I know in recent Mortgage Meltdown when lot of homes were foreclosed only because lot of lenders took innocent borrowers for a ride. Many well know financial Institution got hefty fines from Federal Government. Therefore please do not play same games with me. Since then I hardly trust any financial instrument but examine them under microscope.
I know I do not expect any better program from you like increasing length of loan and giving low fixed rate which is open to discussion.
 If I do not hear any positive resolution from Arvest then let us discuss in court hearing on XX/XX/XXXX.Thank for your time. Sincerely.

XXXX  XXXX XXXX
XXXX XXXX XXXX, XXXX XXXX, CA XXXX
-
---------- Forwarded message ----------
From: XXXX XXXX 
Date: XXXX, XX/XX/XXXX at XXXX XXXX
Subject: Re: ARVEST CENTRAL MORTGAGE COMPANY
To: XXXX XXXX 


Ref :Regarding Loan Modification
To: XXXX XXXX XXXX

 Thanks for acknowledging my complaint about Loan Modification. I am glad you are taking deeper look into my whole case. Since Mortgage companies have history of predatory lending since housing crisis and mortgage meltdown in XX/XX/XXXX and eventually Federal government courts gave them big fines. I am afraid

 What you have mentioned that my financial hardship is resolved at my advanced age is type of insinuation and manipulation of material facts. Your company was clever enough to give me forbearance in younger years but declined to do same in my senior years and mercilessly decided to put me on street in my senior years only because of greed. It seems your company is hypocritical when you say you are helping people in Financial Hardship. The Loan Modification should work as follows and your helping for few years was only temporary.it should be permanent and there are many options. But instead of using other options you have closed doors on me. 
I am not looking forward to another formal reply but real resolution to real problem. Hope to hear from you in a positive way. 
Sincerely.

XXXX XXXX XXXX  {Borrower}
=================================================================
Loan Modifications
A loan modification is a permanent restructuring of the mortgage where one or more of the terms of a borrower's loan are changed to provide a more affordable payment. With a loan modification, the lender may agree to do one of more of the following to reduce your monthly payment:
reduce the interest rate
convert from a variable interest rate to a fixed interest rate, or
extend of the length of the term of the loan.
Generally, to be eligible for a loan modification, you must:
show that you cannot make your current mortgage payment due to a financial hardship
complete a trial period to demonstrate you can afford the new monthly amount, and
provide all required documentation to the lender for evaluation.
Required documentation will likely include:
a financial statement
proof of income
most recent tax returns
bank statements, and
a hardship letter.
There are many different loan modification programs available, including proprietary (in-house) loan modifications, as well as the Home Affordable Modification Program (HAMP), which is part of the federal governments Making Home Affordable initiative. HAMP assists borrowers by modifying their first lien mortgages so that the monthly payments are lower and more affordable. To learn more about HAMP, seeThe Home Affordable Modification Program (HAMP). (To find out about other government programs for struggling homeowners, see ourGovernment Foreclosure Prevention Programstopic area.)
If you are currently unable to afford your mortgage payment, and wont be able to in the near future, a loan modification may be the ideal option to help you avoid foreclosure













On XXXX, XX/XX/XXXX at XXXX XXXX, XXXX XXXX  wrote:
Good afternoon,

Thank you for contacting Arvest Central Mortgage Company.

We have received your request, and additional research will be required to respond substantively to your inquiries and/or concerns. 

Please know that your request is very important to us. A response shall be provided to you under separate cover.


Thank you,

ARVEST Central mortgage company
XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, Ar XXXX
XXXX (p) | XXXX (f) 
XXXX 
ARVEST People Helping People Find Financial Solutions for Life arvest.com

Company response to consumer: Closed with explanation