Consumer complaint received 2018-03-26
Company: FBC MORTGAGE, LLC
State: FL
Product: Mortgage
Sub-product: VA mortgage
Issue: Struggling to pay mortgage

Complaint:
We purchased our new home for {$240000.00} in XX/XX/XXXX in XXXX XXXX FL with my VA loan eligibility. The mortgage payment was {$1500.00} with a 4.125 % interest rate. In XX/XX/XXXX we were in a declared disaster zone due to Hurricane Irma. 
-- We were notified of an assistance program called forbearance. When I asked about it, I was offered the program without any paperwork and informed that I would not have to make my next three payments. We could have continued making our regular payments but this promised to make our recovery from Irma much smoother. 
-- I asked about what happens at the conclusion of the program and was given vague answers about a variety of options including extending the forbearance and " other '' assistance programs. I was under the impression that the payments would be added to the end of the loan. 
-- - In XX/XX/XXXX approx. 2 weeks before my expected XX/XX/XXXX payment, I was informed that I would be responsible for all three payments plus the XX/XX/XXXX payment or {$6000.00}. We had used the money as " relief '' funds for the expenses we incurred, even helping extended family who didn't have the option we did. I was told they would check what " programs ' they had available for us. I was less than pleased. 
-- - I paid {$1500.00} on XX/XX/XXXX but didn't make the missed payments. I waited to see what they would say. Some time near the middle of XX/XX/XXXX I was told I didn't qualify for a repayment plan, which I wasn't inclined to do because it added significantly to my monthly payment. My expectation had been that the payments would be added at the end and adding a burden now wasn't what I " signed up for ''. 
-- - I was told my loan was being considered for a modification, which I again understood as adding the missed payments to the end and rewriting the loan. I was given a figure of {$1300.00} as my payment for XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. I was also told that after I made the three " trial '' payments my loan would become permanent at this amount. There was never any paperwork other than receipts for the payments. My monthly statement continued to show the past due amount. 
-- - I had already paid XX/XX/XXXX as mentioned. I paid {$1300.00} on XX/XX/XXXX, and XX/XX/XXXX. They didn't give me a date within the month and payments had to be made via phone as the web payment portal was suspended for my account. 
-- - On XX/XX/XXXX I received a letter from the U.S. Dept. of Veterans Affairs informing me that my loan was in danger of default. I immediately called and was told a dispute would be filed immediately and the problem would be fixed. I took the occasion to make my third " trial '' payment. 
-- - I inquired regarding the permanent solution where I was told my modification was accepted and my new payment would be {$1500.00} +/-. This wasn't what I had been told to expect so I pressed for more information. I learned that my interest rate is set to increase from 4.125 % to 4.5 %. Over the life of the loan this adds approx. {$21000.00} to my loan for a {$4500.00} " Assistance Program '' that I would have managed without had I known. 
-- - I was misled and drawn into a modification that would cost me significantly. I'm faced with either losing my lower rate, which I obtained by paying an additional {$2500.00} at closing, or borrowing enough funds to bring the loan current. If that's possible since they torpedoed my credit score by posting my missed payments as past due after assuring me at every step would not happen.

Company response to consumer: Closed with explanation