Consumer complaint received 2018-03-01
Company: Anchor Loans, Inc.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I purchased the entity that owns the subject real estate in XX/XX/XXXX. The property was in foreclosure at the time that I made the purchase. I attempted to contact the lender in XX/XX/XXXX by  telephone to identify myself as the new owner but I did not receive a return call. 
On XX/XX/XXXX, I received a notice of sale from the previous owner of the entity by email advising me of the status of the foreclosure. The notice indicated that a sale was scheduled on XX/XX/XXXX. I then followed up on XX/XX/XXXX, to discuss the status of the sale. I indicated that I had a lender that was willing to refinance the loan so I was advised that I could request a forbearance and was advised that I should make a determination on how much time I would need to close the new loan. 
On XX/XX/XXXX, I contacted the lender to advise them that I would like to request a forbearance for 90 days. I was advised that I would get a response to my request once a decision was made. 
I received a response the following day that a forbearance request had been approved ; however, I was advised that I would be required to make a principal payment in the amount of XXXX in order to secure a forbearance for 60 days ; and I would be required to pay a forbearance fee of XXXX. 
I immediately requested additional time to secure a loan for the XXXX. I was required on Friday XX/XX/XXXX to pay a XXXX forbearance fee in order to postpone the sale for one day untilXX/XX/XXXX. I made the payment and the sale was postponed. I also received a request to sign a forbearance agreement ; however, I did not sign and return the agreement. I was ultimately unable to secure a loan for the XXXX. I, therefore, made a request for a forbearance to allow me to close my refinance in 3 weeks. I was eventually advised on XX/XX/XXXX,  that the forbearance would be granted ; however, I was required to pay another forbearance fee in the amount of XXXX immediately. I made multiple attempts to get the fee reduced or to give me additional time to make the payments. Each request was denied. 
Lastly, the lender does not currently hold an NMLS license. Therefore a foreclosure sale to collect interest is unlawful. I made an offer to pay off the principal balance but the offer was denied despite the fact that the lender does not have a legal right to collect interest for the loan. 
As of todays date, XX/XX/XXXX, I have been advised that I have until close of business tomorrow to pay the XXXX forbearance fee. Otherwise, the lender will proceed with the foreclosure sale on the following day, XX/XX/XXXX ; despite the fact that I have secured a lender to refinance the loan. 

I feel like I am taking advantage of in loan shark, hard money collection tactics : by XXXX XXXX XXXX, who does not have a valid California MLS license. 
This agreement took place during the period of which XXXX XXXX XXXX was not in good standing with the Department of Real Estates,  and not maintain legal status. Collection on a note during the period of origination to the collection and foreclose : seems like grounds for " recession '' against the lender, XXXX XXXX XXXX 


Addittional information : Complaint file with the State of California Department of Business Oversight against XXXXXXXX XXXX XXXX   complaint number XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation