Consumer complaint received 2015-05-08
Company: GENERATION MORTGAGE COMPANY
State: NV
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
XXXX XXXX, XX/XX/XXXXFEDERAL COMPLAINT I received a Reverse Mortgage held by Generation Mortgage ( GMC ) since XXXX, XXXX, on property at XXXX XXXX XXXX XXXX XXXX, XXXX, MD XXXX. According to my numerous documents, I am supposed to be able to walk away from this transaction ( returning the property back to the mortgage company, " Free and Clear '' if I do everything I am supposed to do in a timely manner, I should be able to walk away with my good name, and good credit without tarnish, in this transition. I am someone who all my adult life, I have been a responsible adult. I have worked very hard all my working life to get here ; in this comfortable place called retirement. It was my understanding, according to the terms of the classed I was required to be certified by HUD, before receiving the Reversed Mortgage, and written documents, I would be able to walk away without judgement. XXXX being, I could have several options, should I decide to leave my home such as financial, medical reasons, before death. I am under the understanding, I could give the property back to the Mortgage Company, " Free and Clear. '' XXXX XXXX, I notified GMC that I would be vacating the premises because of health issued, according to my doctors ' advice, XXXX XXXX, XXXX. On XXXX XXXX, XXXX GMC sent me a certified letter stating, I had several options available to me, XXXX of which I choose to avoid foreclosure on the above mentioned property. " Deed in Lieu '' of foreclosure was the option I choose. Selecting this option avoids foreclosure by allowing the borrower to deed the property back to the investor of the loan at no cost to the borrower. XXXX XXXX, XXXX, I received from GMC, confirmation of my letter requesting Deed in Lieu of Foreclosure. I have been in contact by phone and fax with GMC agents to assure myself that everything was going as plan and on scheduled. I had done everything I need to do to complete the Deed in Lieu, and I can not stress enough free and clear. I could have chosen to sell the property outright, but I was assured by GMC and its agents, that I could choose the " deed in lieu, '' and walk away with no repercussions. If you were to listen to the recorded tapes of our conversations, especially XXXX XXXX XXXX, it has been my only intention, to be free and clear of this property. I have been honest, and true in my intentions with GMC on XXXX XXXX, XXXX, I was notified by GMC the Deed in Lieu has been declined. " The decision was based on XXXX or more of the following factors : XXXX XXXX failure to request the deed in lieu of foreclosure in a timely basis ; * XXXX XXXX failure to provide required information or documentation on a timely basis ; * ( XXXX ) inability to provide title to property which is free of liens or encumbrances. '' None of which I am guilty, I gave all information and documentation in a complete and timely manner. Can U imagine my total despair and desperation, because it was my intention to purchase a home in my new location XXXX XXXX, NV? I began to call GMC to determine the cause of such reversal of action, at which time, I was told it was because GMC made an undetected mistake in the past, thus, they could not complete the process in a timely manner, and therefore the property would be foreclosed without the Deed in Lieu. The deed was free of liens, or I would not have been able to secure the Reverse Mortgage. All of which, is not my fault, I did whatever I was instructed to do according to GMC 's instructions. GMC sent documents to my old address, a week later I received certified mail of the same documents which does not allow me the proper time to straighten out this mess. I have always prided myself, all my adult life for having good credit, and being a responsible person. CONTINUED ... ... ... ..

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation