Consumer complaint received 2023-08-30
Company: Mr. Cooper Group Inc.
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage
Sub-issue: Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure

Complaint:
Subject : Request for Payment Deferral Option for post Pandemic Forbearance Plan. 

I hope this email finds you well. I am writing to discuss a matter regarding my mortgage forbearance plan and explore a potential resolution that aligns with my current financial situation and goals for the future. 

I have a conventional mortgage loan that is under XXXX XXXX, my loan servicer is Mr.Cooper and I have been under the Pandemic Forbearance plan since XX/XX/XXXX ( Ends XX/XX/XXXX ) due to the financial challenges brought about by the ongoing pandemic. This plan has been instrumental in helping me navigate these unprecedented times and maintain stability in my financial obligations and this was my second time forbearance plan ( first plan was taken during XXXX ). 

Recently, I explored the possibility of continuing my journey towards financial recovery by seeking a loan modification, similar to what was successfully implemented after my first forbearance period in XXXX. Regrettably, the loan modification application was declined, primarily due to the fact that the proposed terms would result in a higher monthly payment than my current principal and interest payment. 

Further, I understand that my request for payment deferral has also faced challenges. It was communicated that my loan 's eligibility for this option was restricted due to delinquency requirements. This aspect perplexes me, given that my understanding is that the forbearance plan does not inherently constitute delinquency and I had only one late payment before I took Pandemic Forbearance plan. 

Moreover, the recent updates from the Single-Family Seller/Servicer Guide ( Guide ) Bulletin XXXX indicate that Payment Deferrals will be accessible to homeowners within the XXXX day delinquency range, and this expansion is set to take effect from XX/XX/XXXX. 

Considering this evolving landscape, I am respectfully requesting the opportunity to discuss the potential of opting for a payment deferral, given my unique circumstances. As someone who is genuinely committed to upholding my mortgage obligations and maintaining the security of my home, I believe that the payment deferral option is the most feasible avenue for me to honor my responsibilities. 

I acknowledge the options of reinstatement and repayment plan that have been presented to me ; however, these alternatives are not viable for me at this time, given the financial constraints I continue to navigate. As of XX/XX/XXXX, the total lump sum amount is {$14000.00} for reinstatement and the repayment plan requires about {$8500.00} of initial payment up front to proceed. 
If I have a financial ability to pay those amount at once, I wouldn't take the Pandemic Forbearance plan at all. 

I am ready and willing to engage in open and constructive dialogue to explore the potential of implementing the payment deferral option, allowing me to make a lump-sum payment of the accumulated forbearance amount at the conclusion of my loan term, or upon the sale or refinancing of the property, whichever occurs first. This approach would enable me to recommence regular mortgage payments and reaffirm my commitment to the terms of my loan. 

I kindly request your guidance and support in considering this proposition and potentially revisiting the options available to me in light of the new criteria that will be in effect from XX/XX/XXXX. I genuinely believe that a collaborative resolution can be reached that aligns with my earnest intentions and the evolving landscape of mortgage relief. 

Thank you for your time, consideration, and understanding. I eagerly await your response and the possibility of finding a mutually beneficial solution to address this matter. 

Sincerely,

Company response to consumer: Closed with explanation