Consumer complaint received 2023-12-06
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage
Sub-issue: An existing modification, forbearance plan, short sale, or other loss mitigation relief

Complaint:
Please see the letter below provided to the Loss Mitigation department at Cardinal Financial. 

I am writing to address several critical issues related to my transition out of mortgage forbearance, including concerns about proposed workout options, adjustments to my escrow account, the denial of my payment deferral request, and an incorrect delinquency report for XXXX. 


Erroneous Delinquency Reporting for XXXX I am deeply concerned about the erroneous reporting of my mortgage as delinquent for XXXX, especially when the payment was only due on XX/XX/XXXX. This misreporting contradicts the primary purpose of entering into forbearance, which was to prevent negative credit reporting due to my temporary financial hardship. An immediate correction of this error and any others is essential to maintain the integrity of my credit history. 


Inclusion of Property Taxes in Escrow Account My escrow account, which previously included only homeowners insurance, has now been adjusted to include property taxes. This came to light once I was denied a payment deferral and instead provided a payment. modification. The calculation was supposedly made to provide me a modification because my property taxes were added to my monthly payment which resulted in a decrease of {$170.00} from current P & I amount. This change is perplexing, given that my XXXX tax bill has been fully paid ( see attached ), and the XXXX bill is not due until XXXX XXXX XXXX XXXX XXXX guidelines ( attached ) do not mandate such changes in my situation. I require clear documentation or a policy rationale for this adjustment. 


Income Calculation Concerns The calculation of my income for the workout options appears to be incorrect. My employment history with ( redacted ), ( redacted ), and ( redacted ) reflects a stable annual income of approximately {$160000.00} and a combined household income of over {$200000.00}. A thorough and transparent review of this calculation is necessary ( see attached offer letter and employment documents ). My monthly payment regarding the documentation I provided is incorrect, as {$2000.00} in childcare expenses is annual. The monthly total for my child care expenses is {$150.00} per month. 

Denial of Payment Deferral Request My payment deferral request was denied based on insufficient income, which contradicts my actual financial standing and XXXX XXXX and XXXX XXXX guidelines ( attached ), which do not consider income a factor for eligibility. Despite being advised to complete a borrower response package ( BRP ) for repayment options a step not required under federal guidelines I complied, only to have my application initially mishandled, resulting in a delayed reconsideration. I emphasize the necessity for an expedited reassessment, considering these errors and delays. 

The entire basis of my forbearance application was to provide a temporary reprieve from financial strain, notably to maintain health coverage for my family through XXXX, without adversely affecting my credit. This intention was clearly stated in my initial hardship letter sent in XX/XX/XXXX ( see attached ). The recent misreporting of delinquency and unexpected escrow adjustments not only undermine the objectives of the forbearance but also impose undue financial burdens. 


Formal Requests 1. Correction of Erroneous Delinquency Report : Immediate rectification of the inaccurate delinquency report for XXXX and others related that may arise. 

2. Escrow Requirement Documentation : Detailed explanation and documentation concerning the inclusion of property taxes in my escrow account. 

3. Income Calculation Review : Comprehensive analysis and clarification of the methods used for income calculation. 

4. Reassessment of Payment Deferral Denial : Prompt review and reconsideration of the deferral request. 

5. Timely and Transparent Communication : Expectation of swift and clear responses to these matters.

Company response to consumer: In progress