Consumer complaint received 2020-04-23
Company: COLORADO HOUSING AND FINANCE AUTHORITY
State: CO
Product: Mortgage
Sub-product: FHA mortgage
Issue: Struggling to pay mortgage

Complaint:
I called CHFA early in XXXX to see what our options were about being able to pay our mortgage due to the economy closing down because of COVID-19. I was told by an agent that there was absolutely no deferment in place are the only thing that we could do was due for the payments for three months or forever long that we needed to was a forbearance. That the payments would just add up but that would we would have a huge balloon payment at that time. Then I was told that at the end of the deferment that was determined that we couldnt make the huge balloon payment of {$7400.00} ( Which worries me because if I dont have {$2400.00} to pay my mortgage why in gods name would they think I would have {$7400.00} 3months from now? ) And then and only then we would talk to a loss mitigator and we would see and the agent stressed the word see and I wasnt confident when the agent said that. That maybe we could put the payment at the end of our loan or we could possibly modify the loan but she wouldnt go into any detail at all about what that meant. The way that the agent talked I could tell that Chfa Has zero interest in helping their customers. I am completely out of a job now. And I am worried that I could possibly default and lose my house. The agent said that Chfa would start the deferment but it would be put on hold until we were  mailed the paperwork and we had a chance to look it over and sign it and then mail it back and then the deferment would start two days  later I received an email letting me know that the deferment had already started and that they were mailing us our paperwork. 

Here is that email. 

Your 90 day forbearance plan has been activated on our system. This ensures that late charges will be suspended for the duration of the forbearance plan. A forbearance agreement will be sent to you in the mail outlining the terms, including details such as suspending payments. Please note that we require 10-15 business days to process a change in automatic payment drafting. If your next monthly payment falls within this timeframe, please contact your bank to ensure that the scheduled automatic draft is not honored. Please allow 2 weeks for delivery of the forbearance agreement. To the extent possible, please sign and return this forbearance agreement as soon as you can.

Please note that a forbearance plan will not waive or forgive your mortgage payments. Upon completion of the plan, your loan may be restructured via a loss mitigation program. 

If additional information is needed, a Loss Mitigation Specialist will contact you directly as soon as possible. 

If you need to contact us for any reason, please login to the website XXXX XXXX XXXX and access the Secure Message Center or Contact Us page to submit your inquiry. Please do not use the COVID19 topic for follow-up inquiries.

Please stay safe and know that we are here to help. Thank you. 

I was told that forbearance wouldnt be activated until after we had mailed paperwork back to Chfa. But they went ahead and activated it anyway.

Company response to consumer: Closed with explanation