Consumer complaint received 2015-05-06
Company: Caliber Home Loans, Inc.
State: FL
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
To whom it may concern : I have lived in the state of Florida all my life and am an active member of my community. I provide public service to my church and have served my country in the XXXX XXXX as a XXXX. I have owned my home since XXXX of XXXX, but I am now in danger of losing it to foreclosure due to a predatory loan and lender 's unwillingness to rectify the problem. 

After using XXXX loans to purchase this home, I decided to consolidate in XXXX and refinance the property with the purpose of controlling my interest rate and payment and also to use a little cash to do some home improvements. The bank appraised the home for $ XXXX at the time of the refinance and the Loan was for $ XXXX. I felt safe by leaving a sizable amount of equity in the home which would allow me to sell the home or refinance in the future if better rates became available. I also thought I was getting a 30-year fully amortizing loan, but it turned out to be a 50-year partially amortizing loan with a balloon payment due after 30 years!!! I would never sign up for this kind of loan knowingly. 

I started to suspect a problem a couple of years into the loan when I noticed that I was hardly making a dent in the principal after paying so much money ( XXXX I believe ). I was struggling anyway due to the economic downturn that had occurred, so I contacted XXXX ( who eventually changed their name to Caliber ). I got nowhere with them for the next two+ years!! I was told at XXXX point that I could n't get any modification help unless I was behind on my mortgage ; so after trying until XXXX, I decided I had no choice but to stop paying into this predatory loan. Once I fell behind, I applied for a modification a couple of times. 

Each time, the only offer I was given was XXXX that offered short term relief for a couple of years and then a reversion back to the same loan terms with a large amount added to the end of the loan. The offers also restricted my future rights to attempt to modify the loan. 

I believe my loan qualifies for some program out there. My property has lost about 25 % of its value since I bought it, and about 50 % of its value since I took this loan out. I am a XXXX and am doing fine financially, at least well enough to maintain a reasonable mortgage loan. Add in the predatory nature of this loan, and I should actually be a prime candidate for modification, but XXXXCaliber has shut the door on me by not offering any real solutions to this problem. I have been attempting to Short sale the property since XXXX XXXX but Caliber is not cooperative. Now I 'm facing a foreclosure sale on XXXX/XXXX/XXXX!!! 

This could have been resolved years ago ; I 've talked to so many different representatives trying to get this fixed and move forward. I never intended to defraud anybody, and I 'm not looking for charity. But this loan is not fair!!! All I ask is to be given a fair chance at the modification programs that are supposed to be made available to citizens like myself whose tax dollars bailed out these lenders. Any assistance that would allow my family to keep our precious home would be greatly appreciated. Thank you for your time.

Company response to consumer: Closed with explanation