Consumer complaint received 2021-12-29
Company: MONEY SOURCE, INC., THE
State: IN
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
The Money Source, Inc ( TMS ) purchased our mortgage from XXXX XXXX XXXX XXXX XXXX XXXX ( XXXX ) effective XX/XX/XXXX. We, ( my husband and I ) had an executed Loan Modification Agreement ( attached as Rushmore Loan Modification_Executed ) between us and TMS through XXXX dated XX/XX/XXXX. This modification was to bring our account current and lower our monthly payment. Our account should have been current with a payment due to TMS on XX/XX/XXXX. I received a welcome packet from TMS that recommended I download their app to manage our mortgage. When I downloaded the app and got our account all set up, I realized that I couldn't make our first payment to TMS because our account indicated that we owed 6 months worth of payments at the old mortgage rate and owed a total of {$10000.00}. This was completely inaccurate as we should have only owed {$1300.00} due on XX/XX/XXXX. I contacted TMS on XX/XX/XXXX to explain that we have a modification agreement. They told me at that time, they show that they have the modification documents and it could take up to 60 days for our account to reflect the correct amounts, due to the process of TMS purchasing our mortgage from XXXX. They accepted my XX/XX/XXXX payment on XX/XX/XXXX over the phone. I called again on XX/XX/XXXX, but still there was no change and our account still reflected we were past due. Again they ensured me that everything was fine and it could take 60 days. I called again on XX/XX/XXXX since the 60 days had passed and our account still showed past due. This time the representative told me that TMS still had not received the executed modification documents from XXXX ( which someone else told me they already received ). I then called XXXX and requested the executed documents since TMS failed to do so. I received the documents from XXXX by email and uploaded them to XXXX on XX/XX/XXXX. On XX/XX/XXXX, I had to call in again to make a payment because my account had still not been updated even though they had the executed documents for over a month. On XX/XX/XXXX I had to call in again to make a payment because after 2 months of having my executed documents, TMS still had not updated my account. I was furious at this point and asked to speak to a supervisor. I was put in touch with XXXX at XXXX. # XXXX. XXXX reviewed my account and all of my calls and complaints. She said she was going to put in an escalation ticket on my account and she would call me back on Monday, XX/XX/XXXX. This day I also received a Modification Packet from TMS by XXXX ( attached image of Packet and Exhibit B ). I did not request this modification packet, but TMS was trying to force us to sign a new modification while refusing to accept our prior executed modification agreement with them ( through XXXX ). This packet included " Exhibit B '' which stated " Prior Loan Modification Agreement- The XXXX XXXX was previously modified by a Loan Modification Agreement dated XX/XX/XXXX, recorded on XX/XX/XXXX, in XXXX or XXXX XXXX, Page, N/A, Instrument No. XXXX, of the Official Records of XXXX XXXX, Indiana '' XXXX So, based on this " Exhibit B '', TMS is aware of our prior loan modification agreement, is acknowledging it in a legal document, and refusing to update our account to accurately reflect the agreement. In addition, XXXX did not call me on Monday, XX/XX/XXXX as promised. Another representative did call me on Tuesday, XX/XX/XXXX to let me know that they are going to accept my prior executed modification documents. This lady ( I didn't get her name ) told me that they would send the documents to my County to have them recorded and it could take 60 days. However, according to my executed documents, they have already been recorded in my County, so I'm not sure why TMS is stalling again on updating my account. I have attached my prior executed modification agreement ( which I would like honored and my account appropriately reflecting ). I have also attached proof that TMS sent me a new modification packet with Exhibit B in it ( again, we did not request a new modification with TMS since we are current on our mortgage ). As of today, XX/XX/XXXX, XXXX still has not updated our account. The account is currently showing that we are 6 months behind and owe {$10000.00}. In addition to this issue, TMS also sent us an inaccurate Escrow Account Disclosure Statement that says there is expected to be a shortfall and they are increasing our payment on XX/XX/XXXX to {$1500.00}. This analysis is based on inaccurate mortgage information and they can not increase our payment to {$1500.00} when it's supposed to be {$1300.00}. The analysis they sent us is also attached.

Company response to consumer: Closed with explanation