Consumer complaint received 2015-08-11
Company: CIT BANK, NATIONAL ASSOCIATION
State: NY
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I am contacting the CFPB out of frustration in dealing with my mortgage company, Indymac/One West Bank. I have been attempting to get a loan modification since I was current back in XXXX of XXXX. Back in XXXX of XXXX, XXXX hit our area and our basement was flooded and trees fell causing a lot of damage. My job was closed for almost two weeks as well so between not being paid and having to repair the damages, I depleted my savings quickly. In XXXX of XXXX, the tenant in the 2nd unit of the subject property stopped paying rent and we ended up having to evict the tenant which took months in court as they were stating they could not live in the property with the damages from the storm which was not true but this was held up in court for months not paying. The judge ordered the tenants to pay the arrears by a certain date which they did not and then after going to court again, they were given 60 days to move out. So this was well over a year with no rent received. After fixing the basement, we decided to rent this out to supplement the loss of rent on the 2nd unit but those tenants caused a lot of issues with the neighbors who ended up complaining to the town that we are not allowed to rent the basement. We ended up getting fined by the town for this so that rent income was only received for two months. During this same time, my mother, XXXX XXXX, became ill and moved in with me and once the tenants moved out, she moved into the 2nd unit. She does not have any income so she can not contribute to the household expenses. 
So by XXXX of XXXX, I no longer had money to pay my mortgage and fell behind. By the time I started working part time doing sales commissions, Indymac was no longer accepting payments. I understand my payment is already low after being modified in XXXX of XXXX getting a 2 % step rate modification. My payment increased on XXXX/XXXX/XXXX from {$2100.00} to {$2400.00} which is an increase of {$240.00} a month. I am hoping I can be reviewed for the HAMP modification in hopes my hardship and income will qualify and prove I can afford to resume making payments so I can keep this home I have put so much into and have been trying so hard to keep. I purchased this home in XXXX for {$550000.00} and have put well over {$150000.00} into the home between the damages left by tenants as well as repairs and upgrades needed. The value on this property is {$430000.00} and with arrears I owe {$640000.00}. There are many homes in my neighborhood that are boarded up for quite some time so selling even though that is the last thing I would want to do, would not be easy to say the least. 
Indymac is repeatedly denying my loan application stating I do not live in the subject property even though all my documents which includes all utility bills for gas, electric, water, cable and phone as well as my drivers license and vehicle registration all show this subject address. But because on credit it shows another residence which my family lives in and I have not resided at in over 10 years is showing, they will not accept that this is my primary residence. The best part is I have two jobs located XXXX which is very close to the subject property. The other residence the bank is stating I reside at is located in XXXX which is almost XXXX hours away. How would I possibly travel that far? Indymac is stating I would need to contact the credit bureaus to have this changed. I came to find out I would need to contact each bureau in writing and will be responded to in 90 days which by then, I would most likely have a scheduled foreclosure sale date. I was prompted by Indymac to correct my application to show this is not my primary residence so I could be reviewed for HAMP tier XXXX but then denied stating I was already reviewed for hamp 2 and my hardship didnt change. This is all very unfair as all I want to do is keep my home.

Company response to consumer: Closed with explanation