Consumer complaint received 2019-09-12
Company: Fay Servicing, LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
In response to Fay Servicing XXXX, please accept this additional complaint. 


1- Process to attempt to modify : Clearly, your response validates that your process is broken, as it shows that I had to submit several applications, plus engage legal counsel in order to process a loan modification. Your response failed to mention that my case was reassigned numerous times to different representative and the overall process has taken over a year. 

In response to Fay Servicings comments on the mitigation loss process : XX/XX/XXXX Fay Servicing closed the home loan modification application abruptly. Fay servicing was not responsive. Their delayed response caused the application to expire. The account manager assigned was XXXX XXXX. 
XX/XX/XXXX We experience no difference during the second application for a loan modification. I can certify that all documentation was submitted in time, but Fay servicing lack of response causes the 2nd application to expire. Ive tried to reach fay servicing multiple times during both applications and was not able to get a clear answer to why my documents were not accepted. The new account manager assigned was XXXX XXXX. 
After the 2 failed attempts to get a loan modification, we decided to seek help with an attorney. 
On XX/XX/XXXX, the 3rd attempt to apply for a loan modification and reinstate the load was also not successful. The legal consul, who is experienced in dealing with loan modification, also experiences my pain from the 2 previous attempts. The application was closed due to missing documentation, which I started to believe is a tactic to delay the process. ( Based on the previous responses ) On XX/XX/XXXX, our 4th attempt to apply for a loan modification also had issues with incomplete documentation. As with the previous applications, we submitted all the paperwork. Fay servicing finally accepted the application on XX/XX/XXXX, only to suggest a Deed in Lieu foreclosure, which is not a reinstate of the loan, and therefore not the desired outcome. The new account manager assigned  was XXXX XXXX A new application was submitted on XX/XX/XXXX, hoping for a better outcome. Again, the same issues with incomplete documentation were received. Once Fay servicing accepted the application, they asked that we go into a trial period of with an unreasonable interest rate. The new account manager assigned is XXXX XXXX To conclude, all documentation requested was submitted in time during all applications for a loan modification. I've attached pieces of evidence to this complaint in support of my statement. As an example, XXXX XXXX confirmed during an application, that all paperwork was received, but he did not understand why the application was closed. The process is clearly flawed. The delay could have impacted the eligibility for protection programs that could have help re-instate the loan. 

2- Rate of 6 % over the market rate : Your response indicates that 6 % is the lowest your investor will allow. The loan currently has an approved interest rate of 4.5 %. I feel that Fay Servicing is taking advantage of the situation and forcing me into a higher interest rate. We are simply asking Fay Servicing to honor the current rate of 4.5 %, which is a fair request in view that we are trying to continue to pay our obligation. We are not asking for favors or unreliable concession. 

3-Timing under the plan : Thank you for clarifying the timing and please provide an updated plan in view that we are requesting the rate to match our current interest rate. Attached is our loan statement to validate the rate of our note. 


We appreciate the fact that you are finally responding in a timely manner, as we would like to finalize this process as soon as possible. 

Sincerely, XXXX XXXX Wednesday, XX/XX/XXXX XX/XX/XXXX

Company response to consumer: Closed with explanation