Consumer complaint received 2020-02-28
Company: Freedom Mortgage Company
State: WA
Product: Mortgage
Sub-product: VA mortgage
Issue: Trouble during payment process

Complaint:
On or about XXXX, XXXX, I contacted Freedom Mortgage. I informed them that due to a medical issue I was experiencing, I needed some help on my mortgage payments. They agreed to defer the payments for 90 days. But they did not tell me that at the of 90 days, I would be required to catch up the loan. I thought we were suspending payments for the 90 day period, and I would resume on XX/XX/XXXX with payments being current. 

For a period of five months, I continued to make payments but I was never able to catch the payments up. 

On or about XX/XX/XXXX, I contacted XXXX XXXX XXXX for assistance. They worked with my mortgage company for approval of a loan modification. I paid this company {$5000.00}. 

On XX/XX/XXXX, I was notified that I was not approved for a loan modification due to too much income, but I was approved for a VA modification which would raise my interest rate from 3.25 % to 3.75 %. I was quoted a payment of {$2000.00}. The letter is vague. When you review the letter, it says The P & I Payment is {$2000.00} and the Estimated Escrow is {$560.00}, but it does not give the total payment. Is the payment I am to make {$2000.00} or {$2000.00} plus {$560.00}. The letter does not specify. 

When I asked Freedom Mortgage how they calculated the payment, I was told they did not have to give out that information to me. I needed to either accept the payment of {$2000.00} or reject it. If I rejected it, the mortgage company would foreclose on the house. 

My issue is this. According to my numbers : The balance of the mortgage is {$380000.00}. There are late payments totaling {$22000.00}, interest of {$9300.00}, legal fees of {$570.00} and an escrow shortage of XXXX. The total I am coming up with is {$420000.00}. A 30 year note of {$420000.00} at 3.75 % interest amortizes at {$1900.00} per month, not {$2000.00}. There is a different of roughly {$49.00} between the numbers I am being provided by XXXX XXXX XXXX and the amount the mortgage company wants me to pay. 

Also, other issues are this. They claim I am {$2100.00} behind on our homeowners dues. We are current on our HOA dues. I have attached a letter from our HOA verifying this. They are showing our balance owing is {$100.00}, which is due on XX/XX/XXXX ( HOA dues are {$650.00} per year ). Also, I am a XXXX vet with a property tax exemption on our homestead. They are billing me the full rate and calculating that as part of the escrow. This number is roughly {$6100.00} per year. Our property taxes are less than {$2100.00} per year with the exemption. 

I am more than willing to pay our mortgage, but I also don't want to be taken advantage of. I am willing to pay what the payment comes out to be, but I also need them to be open and up front with me as to how they are calculating the payment amount. As it stands right now, the numbers they are providing to me don't calculate to the payment they are asking for.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation